Published on 23 Nov 06
by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA
The trust is, at its core a simple concept, regularly complicated by tax and trust law changes. The High Court has recently handed down its decision in CPT Custodian and this may radically impact on the way tax practitioners deal with trusts. Then again it may not. This paper answers these questions (and others):
- when are beneficiaries of a trust 'absolutely entitled' to trust assets as against the trustee?
- what interest does a unitholder have in the trust assets... and does it matter?
- what is left of the reasoning in Charles Case following the CPT Custodian decision?
- can we still maintain that income and capital retain their character as they flow through a trust?
- what does the ATO think of all this?
This was also presented by Philip Bisset at the "Trusts Revisited - A Review of Recent Cases" seminar held in Perth on 5 October 2006.
QC CTA - Life
John de Wijn, graduated from Monash University in 1974 with a Bachelor of Jurisprudence and a Bachelor of Law (Hons). In 1978, he obtained a Master of Philosophy from the University of Southampton having completed a thesis on international tax. After practising as a solicitor for about nine years, John came to the Vic Bar in 1984 and took silk in 1997. He has practised predominantly in revenue law.
- Current at
01 July 2015