Deep in the mountainous abyss of the taxation of trusts lives an anti-avoidance provision, which until recently, was rarely disturbed. The ATO have resurrected Section 99B from its slumber. It is ugly and mean-spirited, frightening even to the most seasoned advisor in its potential breadth. This session will:
- Provide an overview of the history and purpose of Section 99B
- Provide practical examples of when Section 99B can apply, including the application of Section 99C
- Explain why proving the corpus exception is like finding the mystical stone; and
- Explain how managing a Section 99B audit can feel like being ambushed while crossing a rope bridge.