2008

Trust Cloning

Source: Victoria

Published Date: 29 Apr 2008

 
The hottest tax topic is trust cloning and the ATO is becoming increasingly active in this area. Cloning typically involves the transfer of assets out of one trust into an identical trust, perhaps for the benefit of particular family members.

The ATO has recently taken a very restrictive view as to which trusts may qualify. This has resulted in considerable debate with the ATO and between advisors.

This seminar gave the views of an advisor and the ATO. Specifically, it covered:

  • trust cloning v splitting - the difference
  • trust cloning - how it works
  • CGT, stamp duty and income tax implications
  • what the provisions say
  • what the ATO has been saying:
    • TR2006/4
    • later pronouncements
  • solutions in light of the ATO's requirements.

Some CGT aspects of 'trust cloning' - an ATO perspective

Author(s): Glenn Davies CTA

Trust cloning - a practitioner's perspective

Author(s): Paul Hockridge CTA

Details

  • Published On:29 Apr 2008
  • Took place at:Hotel Windsor, Melbourne

The material is copyright. Apart any fair dealing for the purpose of private study,

research critisism or review, as permitted under the copyright Act, no part may be rerpoduced 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.

This material is copyright. Apart from any fair dealing for the purpose of private study., research, critisism or review, as permitted under teh copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.

Unless expressly stated, opininons are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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