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Testamentary trusts: not just 'another' trust? paper


Planning for how assets will be passed down through successive generations can take the form of simply leaving an asset to someone, or can involve some 'ruling from the grave' and the inclusion of a testamentary trust in the succession planning process. There are many traps for the unwary in planning the terms of the trust and this paper explores:

  • what peculiarities are involved in this style of trust, for instance when does it start, whether you can vary the terms of the trust and when does it end?
  • what are the income tax advantages and potential planning issues?
  • what drafting issues do you need to be aware of?
  • what are the peculiar and particular income tax and CGT issues for the trustee?
  • what are the current issues with life interests?

Author profile

Arlene Macdonald CTA-Life
Photo of author, Arlene MACDONALD Until her recent retirement, Arlene was a Barrister at the South Australian Bar for 17 years. Prior to this she spent 8 years at the Australian Government Solicitor's Office, and several years at the ATO and the Commonwealth Ombudsman's office. At the Bar she appeared and advised in a wide range of Commonwealth and State tax disputes concerning income tax, CGT, GST, stamp duty, payroll tax, land tax and other tax issues. Arlene is experienced in acting for the Commissioner of Taxation and for the range of taxpayers who were in dispute with the revenue authorities or who needed advice on how tax law applies in their case. She has a passion for legal education, especially in tax and trust law. She was awarded life membership of The Tax Institute in 2010 particularly for her work over many years in organising, promoting and providing education through The Tax Institute. She has written a vast number of papers and articles and is a highly sought after speaker. - Current at 16 February 2015
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This was presented at 14th National Tax Intensive Retreat: Trusts Under the Microscope .

Get a 20% discount when you buy all the items from this event.

Individual sessions

Workshop 1: CGT small business concessions

Author(s):  Moira MERRICK

Materials from this session:

Workshop 2: Trust distributions, testamentary trusts and amending trust deeds

Author(s):  Andrew Noolan

Materials from this session:

Further details about this event:


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