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Trusts - The final frontier paper


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 joined GMK Centric (formerly Gaddie Metz Kahn) in 1999 to establish the firm’s 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. Prior to joining GMK Centric, Eugene established and led the tax consulting practice at Webb Martin, an organisation that provides taxation training exclusively to other accountants. This role gave Eugene an insight into the issues that are pertinent to practitioners dealing with small to medium sized clients, and made him aware of some of the areas where accounting firms commonly let their clients down. Excellence in client service has since become a passion of Eugene’s. Before this, Eugene spent over nine years at Ernst & Young, advising a broad range of clients across the property, franchising, IT and retail sectors
Current at 24 June 2008 Current at 24 July 2008 Click here to expand/collapse more articles by Eugene BERKOVIC.


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