Trusts Summit 2021
WEB212AN01: The Trusts Summit 2021 provides you with an indispensable update on key trusts issues. Take a deep dive into trust rules, exploring Section 100A and trust reimbursement arrangements, CGT and foreign beneficiaries, trust losses and family trust elections. The afternoon focuses on trusts and succession, with testamentary trusts income, succession of family trusts and protecting aged beneficiaries with effective trust deeds. A not-to-be-missed national conference for accountants and advisors.
Description
Attend and earn 6 hours
Chair: Rebecca Tetlow, Accredited Specialist in Wills and Estates law, Tetlow Legal
COMPLEX TRUSTS RULES: REIMBURSEMENTS, LOSSES, FTEs AND FOREIGN BENEFICIARIES
9.00am to 10.00am Section 100A and Trust Reimbursement Arrangements: Key Risk Areas
- What is a 'reimbursement agreement'?
- Exclusions including 'ordinary family or commercial dealings'
- Practical considerations, key risk areas including distributions to non-residents
- ATO guidance on reimbursement agreements
Presented by Tristan Whitefield, Director, and Nathan Greene, Manager, Private Clients, PwC
10.00am to 11.00am Trusts, CGT and Foreign Beneficiaries: Traps for the Unwary
- Trustee considerations when distributing to foreign beneficiaries
- Intended operation of Div 855
- Implications of ATO views in TD 2019/D6 & D7
- Federal court decisions in Greensill and N&M Martin Holdings
Presented by Vanessa Priest CA, Partner and Lynda Rochas CA, Tax Manager, Baskin Clarke Priest
11.00am to 11.15am Morning Tea
11.15am to 12.00pm Trust Loss Rules: Expanding Your Knowledge to Benefit Your Clients
- Distinguishing between fixed and non-fixed trusts
- What are the different trust loss rules and when do they apply?
- Making a Family Trust Election or Interposed Entity Election
- When does Family Trust Distribution Tax apply?
- Capital losses
Presented by Stuart Le Cornu CTA, Partner – Tax Advisory, Fordham Group
12.00pm to 1.00pm Family Trust Election Case Studies: Exploring the Who, What, When, Where and Why
- Family trust distributions tax: How does it work? Who is liable and when? Why make a family trust election (FTE)? Eligibility? Family Group? Timing? Benefits and disadvantages? Trustee beneficiary reporting?
- Why make an interposed entity election (IEE)? Which entities are eligible? Timing? Benefits and disadvantages?
- FTEs and the next generation: planning for a family group’s future
Presented by Tony Nunes, Senior Client Director – Tax Consulting and Jane Harris, Manager – Tax Consulting, Kelly + Partners Chartered Accountants
1.00pm to 1.45pm Lunch
TRUSTS, SUCCESSION AND TAX
1.45pm to 2.30pm Tax Treatment of Testamentary Trust Income: The Changes and their Impact
- What was the tax treatment of testamentary trust income prior to the changes?
- What are the changes and why were they made?
- How do the changes impact the structuring and administration of testamentary trusts?
- Are testamentary trusts still viable?
Presented by Brian Hor, Special Counsel - Superannuation & Estate Planning, Townsends Business & Corporate Lawyers
2.30pm to 3.15pm Succession Planning in Family Trusts: From Simple to Bespoke
- Control and why it is important
- Options for dealing with succession to family trusts, from simple to bespoke, including how to deal with blended families
- Trusts, tax and un-blending when dealing with succession planning
Presented by James Whiley, Partner, Hall & Wilcox; Recommended Wills & Estates, Doyle’s Guide 2020 and ranked Chambers High New Worth Guide 2020
3.15pm to 3.30pm Afternoon Tea
3.30pm to 4.15pm Hardwiring Provisions Into Trust Deeds to Protect Aged Beneficiaries
- Examples of where children have misused trust assets
- How trust deeds can be amended to provide protections from financial abuse
- Suggested areas to be controlled to protect the elder clients
Presented by Clifford Hughes CTA, Principal, Clifford Hughes & Associates; Accredited Specialist in Taxation Law; Accredited Specialist - Business Law (QLD); Accredited Specialist – Wills & Estates (VIC); SMSF Specialist Advisor™
4.15pm Conference Close
Learning Outcomes:
- Gain clarity on reimbursement arrangements, exclusions and risks
- Reflect on CGT and trust distributions to foreign beneficiaries
- Refresh your knowledge of complex trust loss rules
- Explore Family Trust Elections and Interposed Entity Elections and when to make one
- Hear the changes to taxing testamentary trust income and whether testamentary trusts are still a viable option
- Learn what you need to consider about family trusts when it comes to succession
- Understand how to protect elder clients through trust deeds
Presenters
Tristan Whitefield
Tristan Whitefield has 15 years' experience in advising families and family offices in relation to their tax affairs, assisting them with structuring to protect and maximise their after tax wealth. Tristan's expertise centres on matters relating to Family Trusts, Division 7A, and cross border tax issues for Australians with structures overseas and families relocating to Australia.
Nathan Greene
Nathan Greene has 8 years’ experience in providing specialist tax advice to a variety of privately owned businesses, family groups and high net worth individuals. Nathan has a strong focus on the taxation of trusts, personal services income, Division 7A, assisting clients with their overseas structures and helping families relocate to Australia and navigate the Australian tax residency rules.
Vanessa Priest
Vanessa Priest is a partner at Baskin Clarke Priest with more than 20 years experience as a tax specialist, and has an interest in the tax and succession issues faced by privately owned enterprises and family groups. She has extensive knowledge in areas such as tax structuring, cross border issues, asset acquisitions and divestments, and tax issues arising for trusts. Vanessa is a Chartered Accountant and has degrees in Teaching, Commerce (majoring in Accounting and Economics) and a Masters in Tax Law.
Lynda Rochas
Stuart Le Cornu
Having worked in tax and accounting since 1997, Stuart Le Cornu has a wealth of experience with helping business owners to achieve their financial and business goals, including acquisitions and sales transactions. He also assists companies to meet their objectives with strategic planning initiatives, financial planning and taxation planning, with a keen focus on international tax. Being one of Fordham Group’s Tax Advisory specialists, he is of course also an expert in assisting with ATO audits and risk reviews! In fact, Stuart is so good at what he does, that he presents on taxation of trusts, Division 7A and small business Capital Gains Tax matters.
Jane Harris
Jane Harris, CTA is a Manager with Kelly+Partners Tax Legal, the specialist tax advisory legal practice of Kelly+Partners. Jane has over 10 years of experience assisting high net wealth and SME clients with taxation matters. At Kelly+Partners, Jane provides clients with structuring, negotiation and tax legal advice, predominantly in income tax. Jane frequently advises on the opportunities and risks of operating personal and business affairs through a variety of structures, including trusts. Jane is an admitted Solicitor of the Supreme Court of NSW and holds Bachelor of Commerce, Bachelor of Arts, Juris Doctor and Master of Law degrees from the University of Sydney.
Brian Hor
Brian Hor is Special Counsel (Superannuation & Estate Planning) with Townsends Business & Corporate Lawyers. He has specialised in taxation, trusts, superannuation and estate planning law over the past 30 years. Brian's extensive experience includes three years as a Partner with PricewaterhouseCoopers and establishing their estate planning practice nationally. Brian has also served on ATO and FPA technical committees, and was Chairman of the FPA Tax Subcommittee for 7 years. He has authored numerous taxation and estate planning articles and contributed extensively to CCH, LexisNexis and other online professional publications.
James Whiley
James Whiley specialises in estate and succession planning for ultra-high and high net worth clients. He also has experience in estate and trust disputes including cross-border succession issues and conflicts, tax planning and related advice to trust structures for Australian and UK non-residents and probate and estate administration. James enjoys guiding his clients through the difficult process of ensuring that their estate and succession planning affairs are dealt with comprehensively and compassionately to achieve their intentions in relation to their private wealth and/or business..
Clifford Hughes
Clifford Hughes consults to legal, accounting and planning practices in respect of taxation, business structuring and succession issues for their clients. He is an Accredited Specialist in Taxation Law, an Accredited Specialist in Business Law and a Chartered Tax Adviser. Clifford is also an Accredited Specialist in Wills & Estates (VIC) and an SMSF Specialist AdvisorTM
Rebecca Tetlow
Rebecca has dedicated her legal career to estate planning and succession law and is Canberra’s only Accredited Specialist in Wills and Estates law. Rebecca is a partner at Tetlow Legal Business and Estates Lawyers. She has extensive experience in complex estate planning, probate and estate disputes. Rebecca is also considered one of the leading practitioners on elder law in the Canberra region. She is a current member and immediate past Chair of the ACT Law Society’s Elder Law and Succession Law Committee. Rebecca previously represented the ACT on the Law Council of Australia’s National Elder Law and Succession Law Committee. Rebecca has regularly been recognised by her legal peers as a Pre-Eminent lawyer in estate planning and estate litigation through Doyle’s Guide.