Published on 04 Aug 09
by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE
This paper considers whether discretionary trusts remain an effective means for protecting assets given the decisions in a number of recent court cases. In particular, it:
- examines the decisions in Cummins, Richstar, Public Trustee v Smith and Spry
- discusses the difficulties of an "at risk" individual being the appointor of a discretionary trust
- reviews the options available to preserve discretionary trusts as asset-protection vehicles
- considers whether it matters who are the shareholders & directors of the trustee, and the beneficiaries & appointor of the trust.
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 corporate restructurings, cross-border investment, property, wine and mining taxation, 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.
- Current at
22 February 2021