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The trust has served its purpose: Now what can we do with it presentation?

Published on 28 Aug 09 by NATIONAL DIVISION, THE TAX INSTITUTE

Terminating the trust and distributing the assets may not be the preferred option. This presentation looks at some issues arising if the trust is to continue. In particular, it looks at restructuring trusts:

  • cloning: What really happens - cloning after abolition of the concession
  • splitting: What really happens - is ‘merely' a monster?
  • early vesting of the entire trust fund or specific assets
  • vesting then resettling: CGT and stamp duty issues
  • extending the life: 80 years, royal lives and living forever in South Australia
  • renouncing or disclaiming interests after Ramsden and Spry: Which CGT event and what value?;
  • changes to beneficiaries and classes of beneficiaries: Div 149, CGT events K6 and E2, the Statement of Principles; and
  • appointors and guardians: New appointments, changes and successors.

Author profile:

Grahame Young
Grahame practises as commercial counsel at Francis Burt Chambers in Perth. Prior to commencing practice as a barrister in 2001 he had broad experience as a solicitor and company director. Grahame’s principal areas of practice include transactional taxes; equity, trusts and succession; corporate law; and property law. He has a particular interest in structuring and restructuring corporate and family groups. He has spoken and written extensively on a wide range of legal and taxation topics for The Tax Institute and other professional bodies. He is editor of Duties Legislation Western Australia. Grahame has served as State Chair and National Councillor of The Tax Institute and received its Meritorious Service Award. Current at 04 July 2014 Click here to expand/collapse more articles by Grahame YOUNG.
 

This was presented at 17th National Tax Intensive Retreat: Extracting Value.

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Individual sessions

Recent developments relating to discretionary trusts - getting money out of trusts against the wishes of the trustee & appointor

Author(s):  Lisa HESPE

Materials from this session:







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