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Avoiding the vesting day: Trusts domiciled in South Australia paper

Published on 25 Sep 08 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

Note: This paper was also presented at the Darwin Seminar on 28 November 2008.

Alone among Australian jurisdictions, South Australia provides trusts with perpetual succession. This paper examines the long-term CGT risks of "lives in being" and 80-year trusts (the E events) and looks at the possibility of establishing estate planning trusts in South Australia to avoid the resulting problems. Issues covered include:

  • what steps are necessary to make a trust domiciled in South Australia?
  • does it matter that the trust's property and/or its control is elsewhere?
  • how do you change the domicile of an existing trust?
  • can you extend or eliminate the perpetuity period of an existing trust without CGT and State stamp duty problems?

Author profile:

Michael BUTLER
Michael Butler FTIA is a Partner at Finlaysons' Tax & Revenue Group. Michael advises both domestic and foreign clients on federal, international and state tax matters, and has a special interest in property tax issues. Michael is the author of the book "Australian Federal Company Taxation" and a regular contributor to Taxation Institute of Australia events.
Current at 23 March 2009
Click here to expand/collapse more articles by Michael BUTLER.
 

This was presented at Tax Issues with Modern Trusts .

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