Reviewing family trust deeds - It's not just about tax!
Source: Taxation In Australia Journal Article
Published Date: 1 Aug 2012
Recent developments in the taxation of trusts have focused attention on a perceived need to review and update family discretionary trust deeds. However, there are other, and arguably more important, reasons than tax considerations for reviewing trust deeds. This article demonstrates that the proper review and updating of family discretionary trust deeds is an extremely technical and painstaking task which should not be driven solely by tax considerations, but by the need to ensure that the trust deed is also satisfactory having regard to other important issues, such as validity at trust law, asset protection issues and succession issues.
A review should be undertaken in relation to all trust deeds, even recently drafted deeds, if there is any suspicion that any of these important issues may not have been properly addressed. Finally, the author argues that such a review must only be undertaken by a lawyer with the requisite qualifications, expertise and practical experience.
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Details
- Published By: Brian Hor CTA
- Published On:1 Aug 2012
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
Copyright Statement
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags
Share this page