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Trusts - The final frontier paper

Published on 10 Jul 08 by VICTORIAN DIVISION, THE TAX INSTITUTE

This paper covers:

  • Tax treatments of trusts
    • practical treatment - trustee or trust registered for TFN, ABN etc
    • flow through of tax attributes
    • treatment of losses / imputation credits
  • Issues to consider when reviewing family trust deed
    • powers of trustee
    • "net income" definition
    • streaming provisions
    • distribution of corpus
    • role of appointor
    • classifying beneficiaries - what is the range of potential beneficiaries?
  • Current tax issues involving trusts
    • application of Division 7A
    • trust loss rules - need to elect to be a family trust / nomination of test person/family trust distribution tax
    • CGT on disposal of assets, including small business concessions and distribution requirements to satisfy small business CGT conditions
    • "grouping" requirements under small business CGT net asset value test
    • succession planning issues
    • proportionate v quantum approach
    • resettlement of trusts
    • in specie distributions - stamp duty exemption
    • separation of capital and income entitlements under hybrid trusts.

Author profile

Eugene Berkovic CTA
Eugene of GMK Partners heads the taxation division. His knowledge of tax legislation makes him a recognised authority within the profession and essential advisor to many of the firm’s clients. His areas of expertise include mergers and acquisitions, restructuring and other high level transactions. - Current at 12 January 2017
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