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Introduction to trusts presentation

Published on 24 May 05 by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA

A trust is a relationship or obligation between trustee and beneficiaries. Trusts are not entities yet for many purposes (including tax) they are treated in some ways as if they were. To properly understand the tax and other issues relating to trusts it is essential for an adviser to have a good understanding of the true nature of trusts, trustees and beneficiaries. Many of the recent cases concerning the taxing of beneficiaries or trustees in the Federal Court and AAT turn on trust law issues such as whether beneficiaries are presently entitled to income or whether a purported distribution of trust income has been actually made.

This presentation gives tax advisers an overview of trusts in the non-tax world to assist them in their 'real' world of tax law. It is aimed at those who don't really understand what they were taught about trusts and who still have gaps in their understanding of trusts. It is also very useful for those who simply want a refresher on basic trust law. Topics covered include:

  • the nature of a trust
  • difference between trusts and other relationships and entities
  • types of trusts
  • creating and ending express trusts
  • advantages and disadvantages of using trusts for business and investment purposes
  • importance of distributions
  • presently entitled
  • absolutely entitled.

This was also presented by Michael Walpole at the 'Tax and Trusts: The Essential Trusts' seminars held in Sydney on 5 April 2006 and 27 February 2007.

Author profile:

Author Photo - Arlene Macdonald CTA-Life
Arlene Macdonald CTA-Life
Until her recent retirement, Arlene was a Barrister at the South Australian Bar for 17 years. Prior to this she spent 8 years at the Australian Government Solicitor's Office, and several years at the ATO and the Commonwealth Ombudsman's office. At the Bar she appeared and advised in a wide range of Commonwealth and State tax disputes concerning income tax, CGT, GST, stamp duty, payroll tax, land tax and other tax issues. Arlene is experienced in acting for the Commissioner of Taxation and for the range of taxpayers who were in dispute with the revenue authorities or who needed advice on how tax law applies in their case. She has a passion for legal education, especially in tax and trust law. She was awarded life membership of The Tax Institute in 2010 particularly for her work over many years in organising, promoting and providing education through The Tax Institute. She has written a vast number of papers and articles and is a highly sought after speaker. Current at 16 February 2015 Click here to expand/collapse more articles by Arlene MACDONALD.
 

This was presented at Tax and Trusts: The Essential Basics.

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