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2021 Trust Intensive Series

Published on 08 Sep 2021 | Took place at Online, National

Trusts are commonly used entity structures in Australia, providing trustees with flexibility when dealing with the distribution of profits. However, the administration of trusts under trust law and for income tax purposes is complex and requires trustees and their advisers to be alert to the various issues that can arise during the life of a trust so that appropriate planning can be undertaken, and issues can be managed.

This event focused on topics relevant for understanding and managing a trust during its lifecycle and highlighting some recent “hot topics” including, dealing with trust distributions, residency, and state taxes.

Get a 20% discount when you buy all the items from this event.

Individual sessions

Winding up a trust structure – what happens next?

Author(s):  Philip BENDER

This paper covers:

  • The process of vesting a trust
  • What happens to the assets of the trust
  • Recent case law including McGowan & Valentini
  • What happens if the vesting date has passed?
  • Jurisdiction of the Trust. 
Materials from this session:

Trust distributions

Author(s):  Daniel SMEDLEY

This paper covers:

  • Determining the distributable income of a trust and the role of the trust deed
  • Reclassification of income and implications of reassessments
  • Streaming of income and capital gains
  • Ever-present s100A 100A reimbursement agreement issues. 
Materials from this session:

Trusts and beneficiaries – residency matters

Author(s):  Chris ARDAGNA

This paper covers:

  • How to determine the residency of a Trust
  • Proposed changes to rules for determining residency of a Trust
  • The tax implications of distributing income/capital to non-resident beneficiaries
  • The tax issues to be considered when a resident beneficiaries receive distributions from non-resident Trusts (s99B). 
Materials from this session:

Tips and traps: Duty exemptions and concessions for trusts

Author(s):  Rosalie Cattermole

This paper covers:

  • Declaration of trust
  • Change of trustee
  • Transfer of trust assets to a beneficiary
  • Concessions and exemptions for superannuation funds
  • Transfer of shares in trustee company. 
Materials from this session:

I’ve set up a trust – now what? Day to day considerations

Author(s):  Antony BARRIER,  Dudley Elliott

This paper covers:

  • When should we change the trustee having regards to asset protection, land tax and other issues?
  • How should a trust be operated, and what are the key terms?
  • What record keeping and reporting responsibilities does the trustee have?
  • Does the trust need a bank account?
  • What are the trustee’s responsibilities? How extensive are “fiduciary duties” and when does the prohibition on fettering discretions apply?
  • Do beneficiaries automatically have a right to trust records, and what notifications should be provided each year?
  • Casual trust arrangements – does a trust need a deed? What happens if there isn’t one?
  • Trust checklist: addressing distributions to corporate beneficiaries, TFN reporting and family trust elections, unit trusts and CGT event E4.
Materials from this session: