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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
Photo of author, Arthur ATHANASIOU Arthur, a Partner at Thomson Geer Lawyers, has many years experience in complex tax litigation and tax audit negotiations and settlements. Arthur’s main area of practice is taxation advisory, with an emphasis on dispute resolution, particularly in the SME sector, with both the ATO and the SRO. 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 extensive experience in all areas of direct and indirect taxation and has qualified as a Chartered Accountant. He has also held senior taxation and management positions in the transport and motor vehicle industries, with specialist experience in logistics, supply chain, chain of responsibility and contract warehousing. Arthur is the President of The Tax Institute as well as a State Councillor, and also chairs the Law Institute’s Tax Law Advisory Committee. 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. Arthur has been recognised in Doyle’s Guide 2015 as a recommended tax lawyer in Victoria. - Current at 12 April 2017
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Debt Forgiveness for Trusts

Author(s):  Arthur ATHANASIOU

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