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Trusts Intensive

Published on 28 Sep 2005 | Took place at Hilton Hotel, Brisbane, QLD

The number of trusts used in Australia continues to grow at a tremendous pace. This is mainly because of the essential flexibility of trusts, tax advantages and the potential benefit of asset protection. The challenge is to stay up to date with changes which have occurred legally and in the eyes of the regulatory authorities.

These materials provide you with a great opportunity to determine whether trusts remain a viable option for your clients' investment and business structures.

They are designed to lead you through the complex rules, challenges and current changes to enable you to apply these to your clients circumstances.

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Individual sessions

Trusts - Workshop Two

Author(s):  Clifford HUGHES,  Damian O'CONNOR

Loans from trusts to related parties can have significant taxation implications. They need to be monitored and reviewed in terms of the potential application of Division 7A, the debt forgiveness provisions and even Part IVA. Also there are a multitude of difficulties that have to be managed when trusts are varied or re-organised. This case study takes a practical look at the most significant issues to be aware of. Topics include:

  • Division 7A: Section 109XA-XC
  • traps for the unwary applying section 109 XB
  • debt forgiveness and debt /equity provisions
  • interest deductibility issues
  • what is a resettlement?
  • must a resettlement create an adverse capital gain result?
  • recent cases and Commissioner's statements.
Materials from this session:

Trusts - Workshop One

Author(s):  Mark REYNOLDS

Matters covered in this workshop include:

  • why FTEs are required
  • the relevance of the trust type
  • family trusts - satisfying the pattern of distributions test
  • the income injection test
  • strategies for approaching FTE issues
  • making a retrospective election
  • trust cloning / splitting strategies.
Materials from this session:

Terminating Trusts

Author(s):  Greg CAHILL

Matters covered in this paper include:

  • procedural issues
  • CGT and income tax implications for trustee and beneficiaries
  • issues with "family trusts"
  • stamp duty implications
  • GST implications.
Materials from this session:

Distributions from Trusts

Author(s):  Brian J RICHARDS

This paper covers the following:

  • what is trust income and what is trust capital?
  • can capital become income by definition?
  • making capital distributions under the trust deed
  • satisfying entitlements to income by distributing by specie
  • CGT consequences for the trustee and beneficiary
  • accessing CGT rollover exemptions
  • GST implications of in specie distributions
  • implications of recent cases
  • accounting for trust income which is defined as 'tax law net income'.

This paper was originally presented by Brian Richards at the 'A Matter of Trusts' seminar held in Brisbane on 28 October 2004. Minor changes have been incorporated to update the paper for presentation by Mark Molesworth at the 'Trusts Intensive' seminar held in Brisbane on 28 September 2005.

Materials from this session:

Current issues in trusts

Author(s):  Andrew Noolan

Matters covered in this paper include:

  • accessing trust losses
  • cloning and splitting trusts
  • family trust elections and interposed entity elections
  • current issues in interest deductibility.
Materials from this session: