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Trusts: Current state of play paper

Published on 07 Nov 13 by NATIONAL DIVISION, THE TAX INSTITUTE

Although the government has proposed reforming the trust provisions, the start date for those rules is not until 1 July 2014. This paper considers a number of difficult issues that are currently arising in practice with the recent amendmentsto Div 115 and 207 of the ITAA97, and the interplay between Div 6 and the deemed dividend rules in Div 7A of the ITAA36.

This paper covers, among other things :

  • streaming in practice – what practical difficulties have arisen?
  • practical difficulties with interposed trusts in complex structures and Div 7A 
  • Division 7A and Part IVA – specific versus general anti-avoidance rules – can trusts be caught in the middle?
  • review of Div 7A and trust UPEs from an accountant’s perspective.

Author profile

Arthur Athanasiou CTA-Life
Photo of author, Arthur ATHANASIOU Arthur Athanasiou CTA (Life) practises mainly in the area of taxation advisory, with an emphasis on dispute resolution, particularly in the SME sector, with both the ATO and the SRO. Arthur has many years experience in complex tax litigation and tax audit negotiations and settlements. He also has broad experience in the taxation of trusts and SME entities, with an emphasis on Div 7A and high wealth individuals and family groups. Arthur has qualified as a Chartered Accountant and also held senior taxation and management positions in the transport and motor vehicle industries. Arthur is a former President of The Tax Institute, has chaired the Law Institute’s Tax Law Advisory Committee for a decade and now serves on the Industry Advisory Board of the IPA-Deakin University SME Research Centre. Arthur is an Accredited Tax Law Specialist and a widely published writer on taxation issues. He regularly appears in the mainstream media and presents at tax seminars and discussion groups. - Current at 21 September 2018
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This was presented at 21st National Tax Intensive .

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