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Trusts resettlements: Changes trusts leading to the creation of a new trust estate

Published on 26 Aug 99 by QUEENSLAND DIVISION, THE TAX INSTITUTE

Old settlements that end will be discussed by the Commissioner. He says the trust estate loses its carry forward losses. Second, if a new settlement arises then the Commissioner says CGT event E1 applies. Section 104-55 of the 1997 Act relevantly provides:(1) CGT event E1 happens if you create a trust over a *CGT asset by declaration or settlement. (2) The time of the event is when the trust over the asset is created. (3) You make a capital gain if the *capital proceeds from the creation are more than the asset's *cost base. You make a capital loss if those *capital proceeds are less than the asset's *reduced cost base.

Author profiles

Francis Harrison
Lister Harrison QC, of the Brisbane Bar, was senior counsel for the unsuccessful respondents in Broadbeach Properties. - Current at 01 October 2008
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Dr Mark Robertson CTA
Mark conducts an Australia-wide practice specialising in revenue and trust law, Mark is listed as a leading tax QC by Chambers & Partners Asia Pacific 2019 and listed as ‘Preeminent’ by Doyle’s Guide 2018. He has appeared for commonwealth and state revenue authorities, Australia’s leading corporate groups, high net wealth individuals, as well as foreign investors in relation to proposed and completed domestic and cross-border transactions (including in estate and family law contexts). - Current at 26 June 2019
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