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A stroll through the minefield presentation

Published on 30 May 06 by VICTORIAN DIVISION, THE TAX INSTITUTE

This paper reviews and gives examples of common land trust nomination problems emphasising how deceptively simple the legislation is and indetifying the hidden traps for the unwary, including:

  • Review of the land trust beneficiary nomination rules for 30 June 2006;
  • Adverse tax consequences for beneficiaries who are nominated  and the trustee's obligation to consider those consequences and to consult with a nominated beneficiary;
  • Examples of nominations for chains of trusts;
  • Rules for changing beneficiary nominations;
  • Inclusion of beneficiary land tax in the CGT cost base for land

Author profile:

Michael Taylor-Sands FTI
Michael is a Partner with Maddocks. He joined the Revenue Group of Maddocks in 2005 having previously been a Senior Associate at Baker & McKenzie. Michael has considerable experience in consulting on income tax and state tax issues to a wide range of corporate and non-corporate clients. He has advised large multi-national and Australian corporate groups in the manufacturing, property development/investment and gaming/casino industries. Current at 15 April 2011 Click here to expand/collapse more articles by Michael TAYLOR-SANDS.
 

This was presented at Land Tax or Land Mines?.

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A stroll through the minefield

Author(s):  Michael TAYLOR-SANDS

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