Trusts 2016

Practical issues with trusts: Important updates

Source: The Tax Specialist Journal Article

Published Date: 1 Aug 2016


Reforming the taxation of trusts and their beneficiaries is practical, topical and important. Currently, however, there appears to be considerable inertia about the topic, and little appetite for reform. Practitioners who focus on compliance find the present state of the law frustrating and difficult, while the Australian Taxation Office (ATO) appears to take a pragmatic view of compliance. This article is therefore directed at currently topical practical matters concerning the taxation of trusts, reflecting the author's experience dealing with issues raised in audits.

The article considers ordinary trust distributions, streaming of capital gain and franked distributions, capital gains and non-residents, restructuring issues for trusts under the new small business restructure roll-over, the High Court decision in Fischer v Nemeske Pty Ltd, the managed investment trust regime, and current areas of ATO focus.

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Trusts 2016

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