Published on 29 Apr 2008
| Took place at Hotel Windsor, Melbourne
The hottest tax topic is trust cloning and the ATO is becoming increasingly active in this area. Cloning typically involves the transfer of assets out of one trust into an identical trust, perhaps for the benefit of particular family members.
The ATO has recently taken a very restrictive view as to which trusts may qualify. This has resulted in considerable debate with the ATO and between advisors.
This seminar gave the views of an advisor and the ATO. Specifically, it covered:
trust cloning v splitting – the difference
trust cloning - how it works
CGT, stamp duty and income tax implications
what the provisions say
what the ATO has been saying:
solutions in light of the ATO’s requirements.
Some CGT aspects of 'trust cloning' - an ATO perspective
Author(s): Glenn DAVIES Glenn Davie's paper is available for free on the ATO's site. Please use this link rather than the Download Now button.