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Family Trust Elections - Under the ATO Spotlight

Published on 11 Mar 2004 | Took place at All Seasons Premier Menzies, Sydney and Crowne Plaza, Parramatta , NSW

This seminar series was held at:
- All Seasons Premier Menzies, Sydney on 2 March 2004
- Crowne Plaza, Parramatta on 11 March 2004.

The failure to lodge a family trust election form on time may have serious consequences for the taxpayer as well as the tax practitioner. Nevertheless, ATO audits have identified many tax practitioner clients who have failed to lodge a family trust election form on time. Due to the complexity of the tax law some tax practitioners are not aware of all the cases where they should advise their clients to make the family trust election.

The problem appears to be widespread and serious enough that professional bodies have made submissions to the Assistant Treasurer requesting amendments to the family trust election provisions.

Individual sessions

Family Trust Elections

Author(s):  Joshua CARDWELL This presentation covers the following topics:
- overview of the family trust election provisions
- when should you make a family trust election?
- when should you make an interposted entity election?
- special cases such as a superannuation fund/unit trust structure
- implications for failure to make a family trusts election
- ATO audit activity and practice.

Materials from this session: