Level: Essential
CLE Units: 0

Speaker:
Denis Barlin of Thirteenth Floor Wentworth Chambers

Aims

Tax Laws Amendment (2011 Measures No.5) Act 2011 (Cth), which was passed on 29 June 2011, fundamentally changes the taxation of trusts.

The provisions, which are a response to the High Court’s decision in Commissioner of Taxation v Bamford [2010] HCA 10 will have implications for trustees and beneficiaries of trust estates as well as their advisers.

In particular, regard to the new provisions will need to be given for trust estates that seek to distribute dividends and capital gains to beneficiaries.

This paper overviews key changes under the legislation and the implications for stakeholders. Consideration is given to:

• amendments that may be required for existing trust deeds
• the implications for the drafting of new trust deeds
• the documentary evidence (including trustee minutes) required to obtain any advantages under the new regime.

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