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Taxing Trust Issues presentation

Published on 24 Jul 03 by VICTORIAN DIVISION, THE TAX INSTITUTE

This presentation covers the following:
- where a business is held in a discretionary or non fixed trust or where a person is a beneficiary under such a trust there is the real possibility of a denial of the Div 152 CGT concession on the sale of a CGT asset
- to ensure the concession can be obtained trust deeds need to be amended and this requires careful drafting. GST and stamp duty issues also are complex. Added to these issues is Part IVA, and the ATO Practice Statement on resettlements
- a discussion on ATO ID 2002/901 where it appears that all the charities in the world are capable of being counted toward the net value test of a discretionary trust and beneficiaries
- the Treasurer's Press Release dated 25 June 2003 was designed to provide certainty and assistance to taxpayers and their advisers. However the lack of clarity about which payments are excluded is an ongoing concern given the start date of 12 December 2002 and the fact that any law is months away.

Author profile:

Andrew O'BRYAN
Andrew O’Bryan FTIA is the Head of Taxation, Superannuation, and Family Business and Wealth Management Practice Groups at Hall and Wilcox. Andrew provides advice on the application of a wide range of taxation matters including income tax, FBT, CGT, tax audits, structuring and restructuring of business and transactions, superannuation, state equivalent tax regimes, retirement planning, business succession, estate planning, liquidations and reconstructions, and corporatisation and privatisation.
Current at 11 March 2009
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