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Practical issues with trusts: Important updates

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Published on 01 Aug 16 by "THE TAX SPECIALIST" JOURNAL ARTICLE

Reforming the taxation of trusts and their beneficiaries is practical, topical and important. Currently, however, there appears to be considerable inertia about the topic, and little appetite for reform. Practitioners who focus on compliance find the present state of the law frustrating and difficult, while the Australian Taxation Office (ATO) appears to take a pragmatic view of compliance. This article is therefore directed at currently topical practical matters concerning the taxation of trusts, reflecting the author’s experience dealing with issues raised in audits.

The article considers ordinary trust distributions, streaming of capital gain and franked distributions, capital gains and non-residents, restructuring issues for trusts under the new small business restructure roll-over, the High Court decision in Fischer v Nemeske Pty Ltd, the managed investment trust regime, and current areas of ATO focus.

Author profile

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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