Trusts: practical solutions for real-life problems
Source: Taxation In Australia Journal Article
Published Date: 1 Feb 2016
The Commissioner of Taxation can and does challenge the legal effectiveness of transactions that taxpayers undertake even before engaging with specific tax issues arising from trust dealings. It is crucial for trustees and their professional advisers to read and understand the trust deed. This may prove difficult where one is dealing with a deed written in archaic and highly complicated legal language, possibly requiring the intervention of the court, or where the whereabouts of the trust deed itself are unknown. This article provides an account of trust law, with an emphasis on the taxation of trusts and beneficiaries, and includes reference to relevant cases and ATO materials.
The article considers appointment and removal of trustees, trust creditors, insolvent trusts, the consequences of unpaid present entitlements, de facto trustees, reimbursement agreements, vesting and what happens when the trust deed cannot be found.
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Details
- Published By: Damian O'Connor CTA
- Published On:1 Feb 2016
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