Trusts
Source: Taxation In Australia Journal Article
Published Date: 1 Jul 2012
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.
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Details
- Published By: Ken Schurgott CTA-Life, Andrew Noolan CTA
- Published On:1 Jul 2012
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