Unravelling trusts: splitting, cloning and umbrella trusts
Source: Taxation In Australia Journal Article
Published Date: 1 Jul 2017
The need for effective structuring of business and personal assets has been brought into sharp focus for high net worth individuals and business over recent years. The benefits of family trusts are generally still sufficient to make them the preferred structure for asset protection, tax planning and succession purposes. However, the capital gains tax and commercial issues raised in the context of umbrella trusts, trust cloning and trust splitting are significant, and care should be taken when restructuring and establishing discretionary trusts. The author argues that, in this regard, the optimal approach is to methodically follow a tailored checklist. This article provides a starting point for the development of such a list.
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Details
- Published By: Matthew Burgess CTA
- Published On:1 Jul 2017
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