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A matter of trusts: Testamentary trusts and CGT


The tax laws currently assess beneficiaries of a trust who are presently entitled to the net income of the trust, to the net capital gains derived by the trust regardless of whether the beneficiaries are entitled to the net capital gains. This article examines the Federal Government’s recent announcement, which may help to address this anomaly in the context of testamentary trusts.

Author profiles

Philip Lambourne
Phillip is a Special Counsel, Accredited Specialist in Business Law Harwood Andrews Lawyers. - Current at 01 August 2008
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Renuka Somers CTA
Renuka is the Senior Tax Advisor in the US-Australia Tax Desk at Asena Advisors in the US, and a consultant at HWL Ebsworth Lawyers, Australia. Her principal areas of practice are: US-Australia cross-border structuring, Australian federal taxes (income tax, mergers and acquisitions, CGT, Div 7A and tax consolidation), trusts and international estate planning for high wealth clients. She has written numerous articles for the Taxation in Australia and The Tax Specialist journals on these topics. Renuka has worked in large Australian law firms and international accounting firms, and has also served as a volunteer executive board member for a prominent Australian health promotion charity. - Current at 20 April 2020
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