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Trust streaming 2011


Significant new trust streaming measures were introduced by the Tax Laws Amendment (2011
Measures No. 5) Act 2011, and have effect from 1 July 2010. Trust distributions to be made by 30 June 2011 must take these new rules into account if the trust has derived taxable capital gains or franked distributions. Taxable capital gains and franked distributions for 2011 and beyond are dealt with exclusively under the new streaming provisions.

These provisions were introduced as an interim measure to deal with perceived anomalies in the taxation of capital gains and franked distributions pending a comprehensive review of Div 6 of the Income Tax Assessment Act 1936. They were introduced in haste in view of the pending year end, and it is clear that they will lead to considerable uncertainty among advisers. In this article, the author examines the new measures in detail, and discusses a number of issues which arise.

Author profile

Kenneth Schurgott CTA-Life
Ken is a Tax and Commercial Law Director of Schurgott & Co Lawyers and Special Counsel with Brown Wright Stein Lawyers, Sydney. He has extensive experience in all aspects of tax (including state taxes and litigation), as well as business structuring, business sales and acquisitions, asset protection, succession planning and trust and estate law. Ken has been, until recently, a member of the Advisory Panel to the Board of Taxation and heavily engaged in ongoing consultation in relation to the reform of the taxation of trusts and trust issues generally. - Current at 22 May 2017
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