Practical solutions for year-end trust issues

As tax practitioners prepare for year end, it’s an important time to ensure their clients’ trusts are up to date.

Each year presents new challenges to practitioners advising on trusts, through legislative changes, decisions of the courts or new positions taken by the Australian Taxation Office in administering the law and published either through public rulings and determinations, practice statements as to how officers are to administer the law or, now, the new practical compliance guidelines.

Daniel Smedley CTA is a Principal of Sladen Legal and has commented: ‘There are so many complications in the interaction of tax law and trust law that we, as practitioners, are often drawn to those complex problems and make assumptions about some of the core issues. These core issues often present blind spots in advising clients.’

Daniel warns advisers that client problems, which may seem simple enough, can create risks, including the identification of beneficiaries and the operation of trustee and appointor provisions.

On 13 June 2017, Daniel will present solutions to these risks at The Tax Institute’s WA Trusts Day.

‘Attendees can expect to have a better ability to identify problems with the description of the class of beneficiaries in modern discretionary trust deeds and understand the tools that are available to resolve those problems,’ says Daniel.

‘In regards to trust splitting, it’s important that advisers have an appreciation of the range of various options available to deal with the challenges of the single entity discretionary trust in a succession planning context beyond the trust splitting concept itself. I’ll be discussing this and I’ll also be reviewing some of the practical problems experienced by practitioners, rather than just the trust law theoretical issues.’

Daniel Smedley is a leading Melbourne-based tax lawyer. He primarily advises businesses and high net worth individuals in relation to business and investment structuring, trusts succession planning and tax law. He is Chair of the Law Institute of Victoria’s Taxation and Revenue Committee and the principal author of the Trust Structures Guide published by the Tax Institute.

He’ll be presenting at The Tax Institute’s WA Trusts Day on 13 June, at Crown Perth, where he will deliver sessions on ‘The building blocks of a trust’ and ‘Trust splitting’. 

The day will also include sessions on:
  • Current practical issues in relation to trusts and trust distributions, with Fiona Knight CTA and Andrew Vahala, Australian Taxation Office
  • Trust deed amendments workshop, with Daniel Fry CTA and Daniel Velthuis CTA, EY Law
  • A practical workshop discussing current issues facing accountants dealing with year-end trust distributions, presented by Leon Mok CTA, Pitcher Partners
To book places for you and you team, click here. Alternatively, you can call The Tax Institute on 08 6165 6600 or email natalielarosa@taxinstitute.com.au.

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