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The family group presentation

Published on 26 Jul 05 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

When making a family trust election, determining who will be included in the family group is critical. This presentation outlines who will be in the group, who will not be in the group, and when people and entities will shift from being in the group to being outside of it. As the impact of not properly identifying the group can be that the trustees of the trust, or the directors of the corporate trustee, can be personally liable for 48.5% tax on distributions to entities outside the group, this issue has a significant impact on the administration of a trust that will be making, or has made, a family trust election. Matters covered include:

  • what is the family group?
  • why is it important?
  • who is in?
  • who is out?
  • illustrations of both.

Author profile:

Mariana Von Lucken CTA
Mariana is a Tax Partner with HLB Mann Judd, who has worked with a variety of characters over her tax working life and also allowed her to work in many areas of tax. She enjoys dealing with the people side of business and has advised many businesses from large to small on FBT, R&D, income tax, GST and international tax.Mariana is a tax partner with HLB Mann Judd. Mariana advises a wide range of clients on a wide range of income tax, fringe benefits tax, GST and R&D issues. She is involved in the Tax Institute's Education and State Council committee. Current at 20 March 2012 Click here to expand/collapse more articles by Mariana VON LUCKEN.
 

This was presented at Family Trust Elections.

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