Published on 26 Aug 99
by QUEENSLAND DIVISION, THE TAX INSTITUTE
There have been three recent developments in the taxation of trusts : the Commissioner's statement of what is a resettlement of a trust; the application of the deemed dividend provisions (Div. 7A) to trusts and the Commissioner's disturbing approach to interpretation; and the requirements imposed on trustees of closely held trusts to disclose ultimate beneficiaries. The paper is detailed in its treatment of resettlements. The author stresses that the views he has expressed are vehemently opposed by a number of leading experts in the area. What this means is that the question of what constitutes a resettlement for CGT purposes will ultimately go to court.
Mark is a Queen’s Counsel with chambers in Brisbane and Sydney. He has appeared in many anti-avoidance cases Australia-wide for taxpayers and for the Commissioner.
- Current at
24 May 2017