Trusts and Deeds Advanced Review
Drafting a trust or a deed is more than just plugging client names into a one-size-fits all trust structure. Effective trusts and deeds are constructed by analysing and considering issues like risk, documentation, tax consequences, asset protection, resettlement, and the impact of insolvency on trusts and trustees. This session will examine all of these issues for you. 213N37
Description
Attend and earn 4 CPD in Substantive Law
This program is applicable to practitioners from all States & Territories
Chair: Geoff Stein CTA, Partner, Brown Wright Stein Lawyers; Accredited Specialist in Taxation Law; Leading Wills, Estates & Succession Planning Lawyers, Doyle’s Guide 2020
9.00am to 9.05am Opening Comments by the Chair
9.05am to 9.50am Review Recent Tax Cases Involving Trusts
You will gain insights on the latest decisions involving trusts.
Presented by Mark Robertson QC, Ground Floor Wentworth Chambers; Best Lawyers 2021, Tax Law; Preeminent Tax Senior Counsel, Doyle’s Guide 2020
9.50am to 10.35am Resettlement of Trusts from a Tax Perspective
- How the law has evolved in relation to trust resettlements – from the ATO’s Statement of Principles until now
- The ATO’s view on trust resettlements in Tax Determination TD 2012/21
- The ATO’s view in Tax Determination TD 2019/14 and its impact on the trust resettlement analysis
Presented by Jonathan Ortner, Partner and Micaela Bernfield, Lawyer, Arnold Bloch Leibler
10.35am to 10.50am Morning Tea
10.50am to 11.35am Stamp Duty on Trust Deeds
- When is a trust deed dutiable?
- Nominal duty or ad valorem duty?
- Duty on changing beneficiaries
- Is duty payable on a change of trustee?
- Landholding trusts
Presented by Amrit MacIntyre, Partner, Baker McKenzie; Leading Tax Lawyer, Doyle’s Guide 2019
11.35am to 12.20pm Trustee Decision-Making and Trust Administration
- Appointing income and capital of the trust
- Can a discretionary decision be challenged? Is Karger v Paul [1984] VicRp 13 still good law? Consideration will be given to recent decisions such as Wareham v Marsella [2020] VSCA 92 and Twigg v Twigg (No 4); Lambert v Twigg Investments Pty Ltd (No 3) [2020] NSWSC 1159
- Making valid and effective decisions: Consideration will be given to the recent decision in CRC Gosford Pty Ltd & Anor v Columbus Investment Services Ltd as Trustee for the Gosford Ownership Trust and the Gosford Landholding Trust & Anor [2020] NSWSC 1153 and Fischer v Nemeske Pty Ltd [2015] NSWCA 6.
- Issues with unpaid income or capital entitlements
- Lost trust deed: Is it a problem? What do you do?
- Beneficiary's rights to access trust records. Consideration will be given to the recent decisions in Webster (Trustee) v Murray Goulburn Co-Operative Co. Limited (No 3) [2018] FCA 990 and Hancock v Rinehart [2015] NSWSC 646
- Amending trust deeds: Getting them right
Presented by Matthew McKee, Partner, Brown Wright Stein Lawyers
12.20pm to 1.05pm Trusts and Trustees from an Insolvency Perspective
- Bankruptcy and corporate insolvency, effects on trusts and trustees (including deceased estates)
- Excluding the former trustee’s right to an indemnity
- Exclusion of bankrupt beneficiary clauses: How effective?
- ATO recovery of PAYG, SGC and GST
Presented by Ken Schurgott, Solicitor-Director, Schurgott & Co Lawyers
1.05pm to 1.15pm Final Q&A and Closing Comments by the Chair
Presenters
Geoff Stein CTA, Partner, Brown Wright Stein Lawyers
Geoff Stein has been a lawyer in Sydney for over 30 years, specialising in commercial and tax law, and is one of only a few NSW Law Society Accredited Specialists in taxation law. Geoff works extensively with a number of leading accounting firms. He advises on tax, commercial, trust, estate planning, wealth management and ancillary legal issues and has developed an in-depth understanding of the legal challenges faced by business owners. This means he is able to take a whole of business approach that goes beyond the obvious legal process, to provide clients with advice that benefits their entire business.
Jonathan Ortner, Partner, Arnold Bloch Leibler
Jonathan practices in direct and indirect tax, particularly on taxation of trusts and corporate income tax and mergers and acquisitions. Jonathan has also advised extensively on cross-border taxation issues; employment taxes, including tax treatment of employee share schemes, termination payments and fringe benefits; and the GST implications of transactions and dealings in the development of property. He has experience in dealing with the Australian Taxation Office on complex tax issues in a dispute resolution context. Jonathan is an active member of the Tax Institute’s GST and SME committees.
Amrit MacIntyre, Partner, Baker McKenzie
Amrit focuses on taxation planning and advisory work. He is one of Australia's most prominent tax lawyers and is a member of the Australian Taxation Office Public Rulings Panel and chairperson of Office of State Revenue/Taxation Institute of Australia Liaison Committee. Amrit's practice focus is advising on stamp duty, GST and other indirect taxes for a range of transactions including the establishment of property funds, acquisitions of commercial, retail and residential property, cross-border investment and commerce, secured and unsecured financing, corporate floats, trusts and dealings in shares, units and other marketable securities, and environment related transactions.
Matthew McKee, Partner, Brown Wright Stein Lawyers
Matthew McKee is an experienced tax and trusts lawyer who provides tax and commercial related advice to accountants, financial planners, SMEs and private clients. Matthew advises on income tax, capital gains tax, fringe benefits tax, GST, stamp duties, payroll tax and superannuation law. Matthew has a particular expertise on the tax issues associated with trusts. Matthew regularly provides advice on the structuring of businesses and family wealth through discretionary trusts and unit trusts.
Ken Schurgott, Solicitor-Director, Schurgott & Co Lawyers
Ken specialises in taxation matters including State taxes, stamp duty, payroll tax and land tax. He has extensive experience in business structuring, business sales and acquisitions, asset protection, succession planning, trust and estate law. Ken is very experienced in tax dispute matters, negotiations for settlements, mediations and conciliations and litigation. He regularly appears before the AAT and NCAT and instructs counsel in matters before the Courts. Ken has been heavily involved in consultations with the ATO and Treasury on matters involving trusts
Mark Robertson QC, Ground Floor Wentworth Chambers
A preeminent Queen’s Counsel and Chartered Tax Adviser with an Australia-wide practice. He specialises in revenue and trust law, with chambers in both Brisbane and Sydney. Mark has provided complex advice to, and appeared for, commonwealth and state revenue authorities, Australia’s leading corporate groups, high net wealth individuals, as well as foreign investors in relation to proposed and completed domestic and cross-border transactions (including in estate and family law contexts). He accepts direct briefs from accounting firms to advise, to settle objections and private ruling applications, and he represents parties at ATO interviews and before the GAAR Panel. He is also briefed to appear before various alternative dispute resolution forums on behalf of his clients.
Venue
The Grace Hotel
77 York St
Sydney 2000
NSW
Australia