2023 Trusts Primary production

Trust distributions for primary producers in a changing landscape

Source: QLD, Online

Published Date: 15 Jun 2023

 

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This session provides practical guidance on making effective primary production trust distributions in the context of the Commissioner’s guidance on section 100A (PCG 2022/2 and TR 2022/4), Division 7A, the Guardian AIT Pty Ltd case and the BBlood case. Mark will review the background against which trust distributions will be made on a prospective basis and provide guidance as to strategies that may be employed to reduce the risk of non-compliance.

Topics covered included:

  • A comprehensive review of historical authorities and a critical analysis of the Commissioner’s current position with respect to s 100A (PCG 2022/2 and TR 2022/4) and Division 7A and Part IVA in light of Guardian and Minerva
  • Identifying key issues that need to be considered when making trust distributions to ensure compliance with the Commissioner’s guidance and reduce the risk of Australian Taxation Office inquiry; and
  • Identifying potential impacts on the commercial activities carried on by trusts as a result of the Commissioner’s current position – Potential impacts may include a reduction in the amount of trust working capital or increasing the cost of working capital.

Details

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