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Trust fundamentals paper


Accountants and lawyers administer trusts year in and year out, and are often advised to 'read the deed' when it comes to determining how to administer a trust. This paper covers some of what you need to know to read a deed, and also some other trust concepts that you may have been taught in university (if a lawyer) or have not been taught at all (if an accountant).

This paper covers:

  • Traps to watch out for in the establishment and structuring of a trust
  • If you need to make a capital distribution for streaming purposes, or to return capital from a unit trust, how do you find the capital distribution provision?
  • Why do you care when a trust vests, what is the rule against perpetuities and why is there often a reference to the 'issue' of King George VI in a deed?
  • How do you vest a trust properly and issues related to vesting a trust
  • When will a unit trust be a fixed trust for NSW land tax purposes – what do you look at and what has changed as a result of Sayden's case?
  • What might cause your trust deed to be defective, and what happens if your trust deed is defective
  • How can you fix a defect in a trust deed? How far can you go in varying your trust? What if there is no explicit variation power?
  • What if you have lost the trust deed? What can and should you do?
  • Apart from trusts created by deed, known as express trusts, other trusts such as resulting and constructive trusts can result in tax 'fixes' for unusual transactions – what are these types of trusts and how do they function?

Author profile

Greg Vale CTA
Greg is a founding solicitor director of Binetter Vale Lawyers, a boutique specialist taxation legal practice in Sydney. Greg is an accredited specialist in Business and Personal Tax as accredited by the Specialist Accreditation Board of the Law Society of New South Wales, and specialises in revenue laws, trusts, business structures, superannuation and estate planning. Greg provides advice to clients, particularly professional firms and their clients, in respect of business restructuring, federal taxes (including income tax, capital gains tax and goods and services tax), superannuation, asset protection planning, estate planning, and Corporations Act matters. - Current at 29 October 2012
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This was presented at Conquering Trusts .

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