Published on 26 Jul 05
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
If you have a non-fixed trust, one of the ways you may need to deal with the problems that arise is through making a family trust election. This paper addresses what the election is, when it is needed, and what the advantages and disadvantages of making the election are. The recent changes to the law to allow for these elections to be made retrospectively are also addressed, and the practical application of this change is critically evaluated. Matters covered include:
- what are FTEs and IEEs?
- what are they needed for?
- why are there issues about retrospectivity?
- if needed, when can they be made?
- where are we now?
- have all the problems been solved?