Complex Tax, Trust and SMSF Issues in Succession Law
Unravel the trust and tax hot spots when a trust beneficiary dies. Discover the process of ensuring an SMSF remains compliant when a member loses capacity. Uncover tax considerations for passing assets to non-resident beneficiaries and when it triggers a capital gain for the estate. This technical, practical and must-attend event is essential for all wills and estates lawyers as leading experts decode the critical dynamics that impact on your practice. WEB216N04
Description
Attend and earn 3 CPD units in Substantive Law
This program is applicable to practitioners from all States & Territories
Chair: Asheetha Jelliffe, Partner, Bridges Lawyers; Accredited Specialist in Wills & Estates Law; Leading Wills & Estates Litigation Lawyer and Recommended Wills, Estates & Succession Planning Lawyer, Doyle’s Guide 2020
2.00pm to 3.00pm Tax and Estate Planning for International Families: Offshore Trusts, Non-Resident Beneficiaries and Deceased Non-Residents
- The residency status of the executor and the estate: What happens if an executor or the central management and control of the estate is based in Australia?
- Tax considerations for passing assets to non-resident beneficiaries, and when it triggers a capital gain for the estate
- Tax consequences in respect of Australian property held by non-resident deceased and the withholding tax obligations
- Tax consequences in respect of Australian resident control of offshore trusts
Presented by Michelle Hartman, Partner, PwC Brisbane
3.00pm to 4.00pm What Happens When a Beneficiary of a Trust Dies?
- How are income distributions affected?
- Who pays the tax on pre-30 June cash payments? At what rate?
- Are the terms of the trust deed relevant?
- What is the impact of Family Trust Elections?
Presented by Clifford Hughes CTA, Principal, Clifford Hughes & Associates; Accredited Specialist in Taxation Law; Accredited Specialist in Business Law (Qld), Accredited Specialist in Wills and Estates Law (Vic), SMSF Specialist Advisor
4.00pm to 4.15pm Afternoon Tea
4.15pm to 5.15pm SMSFs and Incapacity: Planning, Compliance and Disputes
- What every SMSF member must do to plan for incapacity
- The process to take once a member has lost capacity to ensure the SMSF remains compliant
- Tips and traps for thinking about who will/should control the SMSF on incapacity
- How to deal with issues and disputes when they arise
Presented by Hayley Mitchell, Partner, Cooper Grace Ward; Accredited Specialist in Succession Law (Qld); SMSF Specialist Advisor; Best Lawyers 2021, Trusts and Estates & Wealth Management/Succession Planning Practice; Recommended Wills & Estates Litigation Lawyer, Doyle’s Guide 2020
Presenters
Asheetha Jelliffe, Partner, Bridges Lawyers
Asheetha Jelliffe has 18 years' experience in Wills and Estates Law and has experience in Elder Law related issues, appearing in matters filed with the NCAT Guardianship Division and the Protective List of the NSW Supreme Court. Although her main area of practice is in contested estate litigation, including testamentary capacity matters, family provision cases and other estate administration suits, she has utilised that experience in her growing estate planning practice. Asheetha is a member of the Society of Trust and Estate Practitioners
Michelle Hartman, Partner, PwC Brisbane
Michelle is a Tax Partner with many years of experience providing commercial taxation advice to SMEs and small cap listed clients. She works closely with family owned enterprises, particularly with succession planning and transitioning to the next generation (or not). Michelle advises on a wide range of income tax/CGT and employment tax matters, including structuring for acquisitions and divestments. She presents regularly for various professional bodies and is known for being very practical.
Clifford Hughes, Principal, Clifford Hughes & Associates
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.
Hayley Mitchell, Partner, Cooper Grace Ward
Hayley Mitchell is a Wills and estates specialist lawyer in Brisbane. She has dual accreditation in succession law (Queensland) and self-managed superannuation funds (through the SMSF Association). Hayley can provide advice and assistance to clients in a range of matters including estate planning, Wills, enduring powers of attorney and superannuation binding death benefit nominations, advice to executors and beneficiaries of estates and SMSF disputes and superannuation death benefit disputes.