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Current issues relating to trusts Division 6C and MITs paper

Published on 19 Feb 14 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

This paper covers:

  • taxing the trustee of a transparent trust – the current rules:
    • how and when does the Tax Act assess trustees for tax liabilities of the trust?
    • collecting tax from the trustee
    • absolute entitlement- taxing the trustee or the beneficiary
    • assessing trustees where there has been a resettlement of a trust
    • which trustee to collect from where there is a change of trustee?
    • collecting taxes from a trustee in liquidation
    • withholding taxes.

Author profile

Karen Payne CTA
Karen Payne, CTA, was appointed as the inaugural Chief Executive Officer of the Board of Taxation, effective 31 March 2016. She is also a Member of the Board of Taxation, appointed in May 2015. She chaired the Board’s working group that advised on the implementation of the OECD hybrid mismatch rules – both generally and specifically in relation to regulatory capital. Karen was a member of the Board of Taxation advisory panel and assisted with the reviews of tax arrangements for managed investment trusts, venture capital limited partnerships, collective investment vehicles , the investment manager regime and the arm’s-length debt test. Karen was previously a Partner at Minter Ellison focusing on international and corporate taxes for the financial services industry, and mining, energy and utilities sectors. Karen has assisted domestic and international corporates and funds (equity, infrastructure, property, private equity and venture capital) with advice on structure, M&A and taxation due diligence. - Current at 30 August 2017
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This was presented at 2014 Financial Services Taxation Conference .

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