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This article addresses two topical issues in the taxation of trusts. In June 2011, an amending Act was passed which gave effect to “interim” changes to the taxation of trust income. The Act contained streaming measures providing a statutory ability to stream capital gains and franked distributions, and introduced two new anti-avoidance rules. Again, in December 2010, the government announced that there would be a review and public consultation on updating the trust provisions contained in Div 6 of Pt III of the Income Tax Assessment Act 1936. This was followed by a consultation paper.

This article first addresses the recent streaming changes and their impact. Also covered are some aspects of trust taxation that cause difficulties for practitioners where a rewrite of tax law may afford some relief. Second, the article reviews the present Div 6 rewrite proposal and explores the direction in which it might usefully be taken.

Author profiles

Andrew Noolan CTA
Andrew is a partner in the Sydney law firm Brown Wright Stein Lawyers. His clients are accountants and lawyers in public practice that require advice on tax issues impacting on their clients. Andrew specialises in tax issues common to the SME and high wealth individual sectors. - Current at 23 September 2019
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Kenneth Schurgott CTA-Life
Ken is a Solicitor and Director of Schurgott & Co Lawyers specialising in taxation matters (including State Taxes, stamp duty, payroll tax and land tax) and with extensive experience in business structuring, business sales and acquisitions, asset protection, succession planning and trust and estate law. Ken is very experienced in tax dispute matters, negotiations for settlements, mediations and conciliations and litigation. He regularly appears before the AAT and NCAT and instructs counsel in matters before the Courts. Ken was National President of the Institute in 2012. - Current at 06 July 2022
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