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Trust Phantoms & Misconceptions seminar paper

Published on 30 Oct 03 by VICTORIAN DIVISION, THE TAX INSTITUTE

Some common phantoms and misconceptions about operating a trust arise from:
- streaming through a chain of trusts and whether income/capital gains retain their character as they are 'streamed'
- misreading of trust deed rules for income and capital distributions
- trust deed drafting (and the need to disclaim trust interests) in the small business CGT era
- misconceptions about CGT event E4 in relation to trusts
- the recoupment of prior year accounting losses and it's impact on 'net income'
- GST liabilities in respect of trust distributions
- uncertainty over the power to 'split' a trust.

This seminar paper examines and provides an insight into all of these issues.

Author profile

Graeme Halperin CTA
Graeme Halperin, CTA, of Halperin and Co, is a Barrister and Solicitor with over 30 years’ experience specialising in taxation, trust, estate and commercial law with extensive experience in tax, trust, estate and commercial litigation and dispute resolution. He is a former Chairman of the Breakfast Club, State Convention and Education Committee of the Victorian branch of the Tax Institute, served two terms on the Victorian State Council, served on several Tax Institute technical committees and in 2013 received a Meritorious Service Award from the Tax Institute. He has written many articles on tax related topics and has been a regular Tax Institute presenter since the 1990s. He has contributed to Parliamentary Committees and media articles on a range of tax topics, made submissions to the ATO in relation to draft rulings and in 2018 was interviewed in a Four Corners expose on ATO practices. - Current at 16 December 2020
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