The tax laws applicable to trusts can often be complicated and prone to misunderstanding. As advisers, our clients rely on us for many aspects of ensuring compliance with the tax law, and the potential pitfalls are many. This session will cover essential knowledge for any tax professional and explores some of the more common practical issues involving trusts, both in terms of managing trustees' risks, obligations and costs and also when advising on using and transacting with trusts. After attending this session, you will have a broader, more robust knowledge of the following:
- reading and interpreting trust deeds
- drafting trustee minutes to meet legal requirements
- identifying income and beneficiary issues
- responding appropriately to Division 7A issues.