Trusts have long been the preferred investment structure given the many benefits they provide to family groups. In fact, based on the Board of Taxation review in 2002 there are approximately 470,000 trust tax returns being lodged annually. Trusts have weathered many storms over the years including the 'entity taxation' debate and the continuing impression that the ATO and Treasury have ongoing concerns regarding their widespread use. It is expected that most practitioners have become comfortable with using trusts and advising clients on the benefits of involving trusts in their family group structures. However, the current state of play in light of a number of recent court decisions, ATO pronouncements and proposed legislative changes is that there exists significant uncertainty as to the operation and use of trusts.
Aimed at all practitioners who advise clients in relation to structuring their affairs using trusts as well as the ongoing use of trusts and the associated tax compliance issues, this event focused on the latest issues affecting trusts, their terms and their operation in a taxation context. The event also explored the taxation consequences of amendments to a trust's terms.