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2011 Trust Distributions video

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Publication date: 03 May 11 | Source: NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

The Assistant Treasurer has released extremely important Exposure Draft legislation on 13 April which will shape how tax practitioners advise their clients about Trust distributions for the 2010/2011 income year. These measures will seriously impact on family trusts and managed investments trust decision making in just over 2 months time. The new laws will allow flow through of franking credits and capital gains but in an unexpected fashion. At first the proposed methodology appears foreign to advisers used to the Division 6 approach but on a closer consideration Treasury may have it right. Will they work in all instances to ensure that targeted beneficiaries benefit? Aspects of the draft legislation may require further thought. This video explains the theory which supports the draft legislation and works through practical problems which will face practitioners.

Author profiles

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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Andrew Mills CTA-Life
Photo of author, Andrew MILLS Andrew has overall responsibility for the ATO’s law practice, including law interpretation, dispute resolution and the ATO’s role in policy and law design. Andrew has more than 30 years of experience in taxation, including periods in the ATO, commerce and the tax profession. Andrew was a Director at Greenwoods & Freehills for more than 20 years and managing director of the firm from 2006–11. Andrew was President of The Tax Institute in 2006–07, is a former Governor of the Taxation Research Foundation and also represented industry bodies across a number of sectors. He holds a Bachelor of Business, a Master of Laws and a Graduate Diploma in Tax Law. Andrew is a Chartered Taxation Adviser (Life) of The Tax Institute, a member of the International Fiscal Association and a graduate of the Australian Institute of Company Directors. - Current at 13 July 2017
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