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.
Graeme Halperin, CTA, of Halperin and Co, is a Barrister and Solicitor specialising in taxation, trust, estate and commercial law with extensive experience in tax, trust, estate and commercial litigation and dispute resolution. Graeme has been a regular speaker for The Tax Institute for many years. He is a former Chairman of the Victorian Professional Development Committee, Melbourne Breakfast Club and State Convention Committee, and served two terms on the Victorian State Council. He has also been a member of the SME, State Revenue and Superannuation subcommittees. Graeme also participated in NTLG Trust subgroup discussions on the draft Bamford decision impact.
- Current at
17 December 2013