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Resettlements, Division 7A, trusts, ultimate beneficiary reporting requirements

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.

Author profile:

Mark L ROBERTSON
Mark is a Barrister at Sir Harry Gibbs Chambers, Ground Floor, Wentworth Chambers. Mark is in his 12th year at the Bar, practising in Brisbane and Sydney. He acts for and against State and Commonwealth revenue authorities, and has been involved in many recent Trust cases. Mark is a regular presenter for the Taxation Institute and is a member of a number of taxation committees including the Taxation Institute’s State Council and Education Committee and has published a number of articles.
Current at 12 March 2008 Current at 03 April 2008 Click here to expand/collapse more articles by Mark L ROBERTSON.
 

 

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