Deep in the mountainous abyss of the taxation of trusts lives a provision, which until recently, was rarely disturbed. The ATO has resurrected section 99B from its slumber. It is ugly and mean-spirited, frightening even to the most seasoned adviser in its potential breadth. This session will:
- Provide an overview of the history and purpose of section 99B
- Provide practical examples of when section 99B can apply, including the application of section 99C
- Explain why proving the corpus exception is like finding the mystical stone; and
- Explain how managing a section 99B audit can feel like being ambushed while crossing a rope bridge.