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Tax and Trusts

Published on 13 Feb 2008 | Took place at Dockside, Darling Harbour, NSW

The number of trusts used in Australia continues to grow at a tremendous pace. This is mainly because of the essential flexibility of trusts, tax advantages and the potential benefit of asset protection.

The tax and asset protection advantages can only be obtained if practitioners have a fundamental understanding of the way in which trust law operates. To ensure you obtain the available tax benefits, for example, small business CGT concessions and splitting income, you require a good knowledge of taxation laws as they relate to trusts. Moreover, the avoidance of unwanted tax burdens involves the exercise of skill and expertise in the taxation of trusts. The starting point to develop these skills is a proper understanding of the nature of trusts and having an overall “big picture” of the taxation issues.

The first of these sessions is an introduction to basic trust law concepts. The second session of this series develops a basic understanding of tax law concepts and leads onto the more specialised materials in the Trusts Roadshow program to be held later in the year.

Get a 20% discount when you buy all the items from this event.

Individual sessions

Introduction to trusts

Author(s):  Arlene MACDONALD

This paper gives tax advisers an overview of trusts in the non-tax world to assist them in their "real" world of tax law. It is aimed at those who didn't really understand what they were taught about trusts and who still have gaps in their understanding of trusts. It is also very useful for those who simply want a refresher on basic trust law.

This paper covers:

  • the nature of a trust
  • difference between trusts and other relationships and entities
  • types of trusts
  • creating and ending express trusts
  • advantages and disadvantages of using trusts for business and investment
  • purposes
  • importance of distributions
  • presently entitled
  • absolutely entitled.
Materials from this session:

Introduction to taxing of trusts

Author(s):  Arlene MACDONALD

This paper covers:

  • how trusts are treated for tax purposes
  • special tax rules for taxing trust income and distributions (trustee, beneficiaries, minor beneficiaries, franking credits)
  • flowing through CGT concessions
  • CGT events for actions concerning trusts
  • cost base adjustments for unit trusts
  • taxing special types of trusts
  • deceased estates
  • testamentary trusts
  • child maintenance trusts
  • family trust elections/trust losses.
Materials from this session: