This paper covers:
- Tax treatments of trusts
- practical treatment - trustee or trust registered for TFN, ABN etc
- flow through of tax attributes
- treatment of losses / imputation credits
- Issues to consider when reviewing family trust deed
- powers of trustee
- "net income" definition
- streaming provisions
- distribution of corpus
- role of appointor
- classifying beneficiaries - what is the range of potential beneficiaries?
- Current tax issues involving trusts
- application of Division 7A
- trust loss rules - need to elect to be a family trust / nomination of test person/family trust distribution tax
- CGT on disposal of assets, including small business concessions and distribution requirements to satisfy small business CGT conditions
- "grouping" requirements under small business CGT net asset value test
- succession planning issues
- proportionate v quantum approach
- resettlement of trusts
- in specie distributions - stamp duty exemption
- separation of capital and income entitlements under hybrid trusts.