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Taxation of Trusts - The Nightmare Continues

Published on 13 Jul 1999 | Took place at Hindley Parkroyal Adelaide, Adelaide, SA

Summarises where we are now in terms of family trust elections and proposed reform as it affects trusts as well as summarising the proposed closely held trust measures.

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

Individual sessions

Closely held Trusts

Author(s):  Joe LOMBARDO From 4.00pm 13 August 1998 a closely held trust that makes a distribution to another trust, must in many cases identify the beneficiaries who will ultimately be entitled to any taxable or tax-preferred distributions. Where the ultimate beneficiaries are not correctly identified within the specified period a penalty is imposed. The ATO considers the new rules are 'conceptually manageable'. The author is not so sure that the new rules are commercially or practically manageable.

Materials from this session:

Statement of principles - Resettlements

Author(s):  Geoff LLOYD ATO document which sets out the statement of principles to guide taxpayers, tax advisors and ATO decision makers on when the Commissioner will treat changes to a trust as giveng rise to a resettlement. Specific scenarios discussed include: addition or removal of beneficiaries; extending the duration of the trust; changes in trust property; changes of trustee; changes to the terms of the trust.

Materials from this session: