Published on 30 Oct 03
by VICTORIAN DIVISION, THE TAX INSTITUTE
Some common phantoms and misconceptions about operating a trust arise from:
- streaming through a chain of trusts and whether income/capital gains retain their character as they are 'streamed'
- misreading of trust deed rules for income and capital distributions
- trust deed drafting (and the need to disclaim trust interests) in the small business CGT era
- misconceptions about CGT event E4 in relation to trusts
- the recoupment of prior year accounting losses and it's impact on 'net income'
- GST liabilities in respect of trust distributions
- uncertainty over the power to 'split' a trust.
This presentation examines and provides an insight into all of these issues.
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