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Debt forgiveness for trusts seminar paper


This seminar paper considers the following:
- whether a dormant loan account is a problem
- the risks of assigning and offsetting loan accounts
- how the mere writing off of a loan account could be a deemed dividend
- whether a beneficiary can forgive a trust loan account in the beneficiary's Will
- whether the release of an unpaid trust entitlement is caught by the debt forgiveness rules
- the tax risks for a trust creditor if a debt goes bad.

Author profile

Arthur Athanasiou CTA-Life
Photo of author, Arthur ATHANASIOU Arthur Athanasiou CTA (Life) practises mainly in the area of taxation advisory, with an emphasis on dispute resolution, particularly in the SME sector, with both the ATO and the SRO. Arthur has many years experience in complex tax litigation and tax audit negotiations and settlements. He also has broad experience in the taxation of trusts and SME entities, with an emphasis on Div 7A and high wealth individuals and family groups. Arthur has qualified as a Chartered Accountant and also held senior taxation and management positions in the transport and motor vehicle industries. Arthur is a former President of The Tax Institute, has chaired the Law Institute’s Tax Law Advisory Committee for a decade and now serves on the Industry Advisory Board of the IPA-Deakin University SME Research Centre. Arthur is an Accredited Tax Law Specialist and a widely published writer on taxation issues. He regularly appears in the mainstream media and presents at tax seminars and discussion groups. - Current at 21 September 2018
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Debt Forgiveness for Trusts

Author(s):  Arthur ATHANASIOU

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