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Effective trust deeds and trust resolutions

Published on 01 May 12 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

Drafting effective trust resolutions to take account of the interface between taxation law and trust law has never been a straightforward exercise. That said, the situation has become increasingly more challenging in recent years following significant judicial decisions and the Commissioner's release of numerous practice statements, decision impact statements and other pronouncements. Treasury has now sought to intervene by developing the new trust streaming measures, and further large-scale legislative reform is now proposed. In this climate of significant uncertainty, the task remains to provide practical solutions to clients to these complex issues.

This article is intended to provide some useful and practical observations on the drafting of effective trust deeds and trust resolutions. A number of case studies are provided to illustrate the key principles. The new trust streaming measures have been addressed in some detail, given their significance for the 2012, 2013 and possibly later income years.

Author profile

Peter Slegers CTA
Photo of author, Peter SLEGERS Peter Slegers, LLB (Hons), MTax, CTA Partner Cowell Clarke Peter heads Cowell Clarke's tax and revenue practice group. Peter advises and acts for a wide range of public and private companies as well as for the trustees of self managed superannuation funds. Peter’s areas of expertise include: income tax (as it impacts on business and high net worth clients); capital gains tax; goods and services tax; state taxes and superannuation law. Peter also does succession planning work and is involved in significant business restructures. Peter is regularly involved in advising SMSF trustees on issues associated with superannuation income streams. Peter has a master’s degree in taxation from the University of NSW – ATAX School. Peter is also a member of the Australian Institute of Company Directors and the SMSF Professionals Association of Australia Ltd. Peter is a member of the Tax Institute’s South Australian State Council. - Current at 30 August 2017
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