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Taxing Trust Issues seminar paper

Published on 24 Jul 03 by VICTORIAN DIVISION, THE TAX INSTITUTE

This seminar paper covers the following:
- where a business is held in a discretionary or non fixed trust or where a person is a beneficiary under such a trust there is the real possibility of a denial of the Div 152 CGT concession on the sale of a CGT asset
- to ensure the concession can be obtained trust deeds need to be amended and this requires careful drafting. GST and stamp duty issues also are complex. Added to these issues is Part IVA, and the ATO Practice Statement on resettlements
- a discussion on ATO ID 2002/901 where it appears that all the charities in the world are capable of being counted toward the net value test of a discretionary trust and beneficiaries
- the Treasurer's Press Release dated 25 June 2003 was designed to provide certainty and assistance to taxpayers and their advisers. However the lack of clarity about which payments are excluded is an ongoing concern given the start date of 12 December 2002 and the fact that any law is months away.

Author profile

Andrew O'Bryan CTA
Andrew is a Partner at Hall & Wilcox Lawyers and provides advice on the application of a wide range of taxation. He has substantial knowledge of taxation and commercial practice and advises his clients on income tax, capital gains tax, tax audits and reviews, fringe benefits tax, business structuring and transactions, liquidations and reconstructions, superannuation, retirement planning, business succession, estate planning, and philanthropy. Andrew advises accounting and legal firms on their clients’ affairs. He also draws clients from industry, commerce and high-net-worth private family groups. One of his main interests is advising private business owners on the transition of management and control of family businesses to the next generation. Andrew has been recognised in the The Best Lawyers in Australia in Tax Law every year since 2014 and is a leading tax lawyer in Victoria in Doyle's Guide to the Australian Legal Profession. - Current at 12 November 2019
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