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?
Michael is the Partner in charge of the Finlaysons Tax & Revenue Group. Michael advises domestic and foreign clients on federal, international and state tax matters, and has a special interest in mining and property taxation, corporate restructurings, cross-border investment, trusts, and estate and succession planning. Michael is a past chair of The Tax Institute’s South Australia State Council and a regular contributor to Institute events.
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26 June 2019
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