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Profit accumulation tax traps paper


By far, one of the greatest challenges facing SME businesses that operate through trust structures is avoiding the penal tax outcomes that are possible when operations are financed through profits that have been taxed at the corporate tax rate.

This paper examines some of the methods that have been developed to work with the new paradigm imposed by the Commissioner’s UPE ruling, including:

  • developing practices with corporate beneficiaries
  • lessons learned from completion of 2011 accounts
  • implications from the February 2012 Montgomery Wools Case
  • risks and opportunities through licensing goodwill.

Author profile:

Christopher Wookey CTA
Chris is a principal in the tax consulting division of Deloitte Private in Melbourne. He has nearly 30 years' experience in the chartered accounting profession and is a member of The Tax Institute's Victorian State Technical Resource Committee as well as a regular presenter at its events. His experience, centred on issues encountered by private groups, includes advising about the tax treatment of accessing wealth accumulated in various structures such as trusts, superannuation funds and especially companies. Current at 10 May 2016 Click here to expand/collapse more articles by Chris WOOKEY.

This was presented at 20th National Tax Intensive Retreat: Expanding the Family Business.

Get a 20% discount when you buy all the items from this event.

Individual sessions

Workshop 1 questions and answers

Author(s):  Jo-anne HOTSTON

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Workshop 2 questions and answers

Author(s):  David MARSCHKE

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Workshop 3 questions and answers

Author(s):  Michelle HARTMAN,  Kevin J MUNRO

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Intellectual property, goodwill and taxation

Author(s):  Domenic CARBONE

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