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19th National Tax Intensive Retreat

Published on 24 Nov 2011 | Took place at Sheraton Noosa Resort & Spa, Noosa , National

The focus of this event was trusts. Some members of The Tax Institute may remember the tax poet, Jim Morrison, once saying: “There are things known and unknown and in between are the doors.” The committee believes those words describe very accurately the current position in relation to the taxation of trusts in Australia.

This event examined the things that are known about trusts, and the things that are less understood, in particular, the government’s new legislation on the definition of trust income and the treatment of different categories of trust income and gains. As usual, the event concentrated on the practical application of difficult technical matters.

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

Individual sessions

Exploring the trust deed - Why do we do what we do in drafting deeds?

Author(s):  AH (Tony) SLATER

This paper covers:

  • the settlor and the settled sum
  • the trustee
  • irrevocable settlement
  • exclusion of maintenance and accumulation power
  • the trust fund 
  • the distribution date
  • the beneficiaries
  • entitlements of the beneficiaries
  • definition of income 
  • authorised investments
  • mandatory investments
  • power to carry on business
  • exclusion of liability of beneficiaries
  • decisions of corporate trustees
  • amendment of deed
  • the use of precedents.
Materials from this session:

Trust distributions - The practice

Author(s):  Mark WEST

This paper covers:

  • key features of the new rules
  • application of the new rules.
Materials from this session:

Getting trust right: Lessons from the Federal Court

Author(s):  Jeffrey SPENDER

This paper covers:

  • the significance and importance of trusts
  • three important developments since 2007
  • erroneous views of what is a trust
  • the nature of a trust
  • statutory and other solecisms on what is a trust
  • the legislative framework for the taxation of trusts
  • trustee's powers of appointment
  • default provisions
  • distributions resolutions.
Materials from this session:

Small business CGT concessions and trust issues

Author(s):  Vanessa PRIEST

This paper covers:

  • analysis of the maximum net asset value test
  • control of an entity other than a discretionary trust - Particular trust issues
  • control of a discretionary trust - The “trustee reasonable to expect to act” control rule
  • Commissioners exercise of discretion - 328-125(6)
  • the significance of the significant individual test
  • timing Issues with distributions from trusts and satisfying the significant individual test.
Materials from this session:

Trusts in the ATO's sights

Author(s):  Peter GODBER

This paper covers:

  • control of a discretionary trust
  • complex trust structures
  • post Bamford issues
  • resettlements.
Materials from this session:

Trust mixed bag

Author(s):  Joanna MONAHAN

This paper covers:

  • the hunt for a fixed trust
  • beneficiary loan accounts for generation Y
  • fighting the resolution revolution
  • battle plans for capital distributions.
Materials from this session:

Trusts and asset protection best practice

Author(s):  Ken SCHURGOTT

This paper covers:

  • asset protection and trusts
  • trusts interests as property of others
  • trust interests of the bankrupt
  • changing trustees
  • claims against retired trustee
  • recovering trust distributions
  • tax losses and insolvency
  • Kennon v Spry.
Materials from this session:

Workshop 1 - Trust distributions

Author(s):  David MARSCHKE

This paper covers the questions and answers from workshop 1.

Materials from this session:

Workshop 2 - CGT small business concessions and trust audit issues

Author(s):  Mark NORTHEAST,  Chris WOOKEY

This paper covers the questions and answers from workshop 2.

Materials from this session: