Trusts Masterclass: Asset Protection and Taxation of Trusts
Download from leading tax and trust lawyers, all the recent developments and review cases involving trusts and taxation of trusts. They will provide information for an iron clad armour that will protect trusts, trustees and beneficiaries from far-reaching and eye-watering consequences for non-compliance. Using different laws impacting on trusts, you will gain a fresh perspective that will give you 360 degrees of confidence. 233N24
Description
Attend and earn 7 CPD units in Substantive Law
This program is applicable to practitioners from all States & Territories
Session 1
Recent Developments in Trust Law
Chair: Geoff Stein CTA, Partner, Brown Wright Stein Lawyers; Accredited Specialist in Taxation Law; Recommended Tax Lawyer, Doyle’s Guide 2020
9.00am to 9.05am Opening Comments by the Chair
9.05am to 9.50am Recent Developments in Trust Law Affecting the Obligations of Trustees of Discretionary Trusts
- Re Owies Family Trust [2020] VSC 716
- Owies and Owies v JJE Nominees Pty Ltd (ACN 004 856 366) (in its capacity ATF the Owies Family Trust) [2022] VSCA 142
- Re Marsella [2019] VSC 65 and Wareham v Marsella [2020] VSCA 92
- Commissioner of Taxation v Carter [2022] HCA 10 (Carter)
Presented by Mark Robertson KC, Level 27 Chambers; Best Lawyers 2023, Trusts and Estates, Tax Law; Preeminent Tax Barrister, Doyle’s Guide 2020
9.50am to 10.35am Retrospective Renunciations of Interests in Trusts: Different Treatment Under Trust Law and Tax Law
The High Court decision in FCT v Carter (April 2022) has reinforced a long-standing taxation law principle
- Trust law principles vs tax law principles: surrender, abandonment or defeasance of a beneficial interest in trust property by beneficiaries having a vested and indefeasible interest in the trust property
- Differential in operation of the legal principles: taxation law interpretation of the operative provisions of the Division 6 of Part 3 of the Income Tax Assessment Act 1936 which overrides any contrary trust law principles to the extent of any inconsistency
- Taxation law treatment of ordinary income
Presented by Christopher Bevan, Barrister, Eight Wentworth Chambers
10.35am to 10.50am Morning Tea
10.50am to 11.35am Judicial Advice Applications
- Overview of judicial advice applications
- Purpose, nature and effect of judicial advice applications
- Process and procedures
- When judicial advice will not be given
- Revocation of judicial advice orders
- The role of "interested parties"
Presented by Denis Barlin, Barrister, 13 Wentworth Selborne Chambers; Best Lawyers 2023, Lawyer of the Year, Trusts and Estates
11.35am to 12.20pm Section 100A and Trust Reimbursement Agreements: Where Are We At?
Since 2014, the ATO has adopted, and has been actively auditing on the basis of, an expanded view of the scope of (the 40-year-old) section 100A. In the ATO view, practices that were previously not controversial or claimed to be subject to section 100A are now claimed by the ATO to be tax avoidance and subject to amendment, with penalties and interest. The ATO position, and the continuing uncertainty created by the ATO actions, requires taxpayers to immediately review how they manage the use of trusts in their tax planning for commercial and family matters.
- Brief history of section 100A including TR 2022/4 and PCG 2022/2
- Update on the case law: including differences from the ATO view
- Basic trust administration not done properly that causes 100A problems
- What is a “reimbursement agreement”?
- When does a present entitlement “arise out of” the reimbursement agreement?
- The ‘ordinary family and commercial dealing’ exclusion – especially, what is ‘ordinary family dealing’?
- Practical suggestions to avoid and manage the risks
Presented by Mark West CTA, Principal, West Garbutt; Best Lawyers 2023, Lawyer of the Year in Brisbane in Tax Law
12.20pm to 1.05pm Protecting a Trust from Family Law Proceedings
Commercial lawyers involved in family, unit, discretionary trust often find there is a cross over and need to be careful when drafting trust deeds
- Control of assets in a trust: Commercial Law vs Family Law and review of Kennon v Spry 2008 High Court
- Impact of number of beneficiaries in a trust
- Making sure conduct matches up to the documents
- The Family Court’s recent views on assets: Woodcock v Woodcock (No 2) [2022] FedCFamC1F 173
Presented by Michael Perkins, Principal, Autonomy First Lawyers
1.05pm to 1.15pm Final Q&A and Closing Comments by the Chair
Session 2
Taxation of Trusts
Chair: Valentina Stojanovska Cal, Principal, Black Book
2.00pm to 3.00pm Duties Issues with Transactions for Trusts Nationally
- Double duty traps when acquiring properties in trusts
- Duties implications of amendments to trust deeds
- Duties traps for bare trust and nominee arrangements
- Duties implications of transferring dutiable property to beneficiaries
- Duties issues with changes to trustees, including transferring shares in corporate trustees
- Recent duties changes in New South Wales concerning beneficial ownership and trust acknowledgment
Presented by Matthew McKee, Partner, Brown Wright Stein Lawyers; Recommended Tax Lawyer, Doyle’s Guide 2020 and Rose McEvoy, Senior Lawyer, Brown Wright Stein Lawyers
3.00pm to 4.00pm Testamentary Trusts: Duty and Land Tax Issues
- Drafting the terms of a testamentary trust, the double duty risks
- Variations to testamentary trusts, the duty on changes of ownership
- Life estates: Duty and land tax questions
- Use of principal place of residence by a beneficiary, the land tax exemption
- Foreign beneficiaries: surcharge duty and land tax
Presented by Amrit MacIntyre, Partner, Baker McKenzie; Best Lawyers 2023, Tax Law; Recommended Tax Lawyer, Doyle’s Guide 2021
4.00pm to 4.15pm Afternoon Tea
4.15pm to 5.15pm Case Study: Trusts for Small and Medium Enterprises: Tax Audits and Disputes
- Tax audits involving trusts, how they arise
- Recent ATO audit observations since the October 2022 Federal Budget
- Case study involving a trust tax audit with the Australian Taxation Office
Presented by Brett Young, Partner, Hall Chadwick; Adjunct Academic, University of Technology (UTS), Sydney; Formerly a barrister in NSW specialising in tax
Presenters
Geoff Stein CTA
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 New South Wales Law Society Accredited Specialists in taxation law. Geoff works extensively with a number of leading accounting firms to assist their clients and gains great satisfaction knowing he is also helping them build their practices. Geoff advises clients 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. Geoff is also a Director of Giant Steps, an organisation dedicated to helping create a bright future for children with autism and their families.
Mark Robertson KC
Mark Robertson KC conducts an Australia-wide practice specialising in revenue and trust law. Mark is listed as a leading tax KC by Chambers & Partners Asia Pacific and listed as 'Preeminent' by Doyle's Guide. He has 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.
Amrit MacIntyre
Amrit MacIntyre is a partner in the Sydney office of Baker McKenzie where he 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 is recognised as a leading practitioner in Asia Pacific Legal 500, Chambers Asia Pacific, International Tax Review's World Tax, International Tax Review's Indirect Tax Leaders Guide, International Tax Review's Tax Controversy Leaders Guide, PLC Which Lawyer?, Tax Directors Handbook, Who's Who Legal Corporate Tax and The Australian Financial Review's Best Lawyers in Australia.
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.
Mark West CTA
Qualified as a lawyer, chartered accountant and chartered tax adviser, Mark West provides advice across most taxes. He has experience in income tax, capital gains tax, goods and services tax, fringe benefits tax, payroll tax and land tax. Mark assists with all legal matters involving taxation law - including planning/structuring advice, applications for rulings, assistance with audits and with related settlement negotiations with the ATO and State revenue authorities. He has acted for clients in tax cases before the Administrative Appeals Tribunal and the Full Federal Court, including cases relating to the operation of the small business CGT concessions. Mark's acts for a wide range of clients that include high wealth families and private groups, operators in the aged care/retirement living sector and organisations in the non-profit sector - as well as providing specialist tax support to other lawyers and accountants.
Matthew McKee
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.
Rose McEvoy
Rose is a Senior Lawyer in the Tax Team at Brown Wright Stein Lawyers. Rose's practice includes a mix of advisory work and tax litigation, primarily in relation to federal tax matters such as income tax and CGT, and also in relation to New South Wales state taxes such as payroll tax and duties. Rose's experience includes preparing objections, drafting written submissions, negotiating settlements and liaising on behalf of clients with both the Australian Taxation Office and Revenue NSW. Rose's work also includes providing tailored and practical taxation and structuring advice for clients, with an emphasis on ensuring that such advice fits within the context of each client's wider business and personal needs. Rose presents tax training sessions to a number of accounting firms through in-house training and via video-conference to provide updates on tax changes relevant to their practices. Rose is also an editor of Brown Wright Stein's monthly tax training notes.
Valentina Stojanovska Cal
Valentina Stojanovska has more than 20 years' experience as a corporate, commercial and tax lawyer, is admitted as a solicitor and barrister in Australia and New Zealand and is a Chartered Tax Advisor (CTA). She primarily advises multinational corporate entities, trusts and high net worth individuals on a range of tax matters, corporate and commercial matters, structures, transactions, mergers and acquisitions, litigation and intellectual property matters. Valentina is currently the Principal of Black Book Legal and is General Counsel for Love To Dream. Valentina was the National Manager for Tax, Superannuation and Financial Services, and General Counsel (Australia and New Zealand) for Chartered Accountants Australia & New Zealand (CAANZ), where she worked for 7 years, and prior to that worked for firms Minter Ellison, Corrs and Phillips Fox. She currently holds various board positions including as Chairman on the board of listed investment company WCM Global Growth Ltd, and Director of Black Book Management Pty Ltd and the Charlie Teo Foundation. She is also an Ambassador for the GWS GIANTS, an Executive Patron of the Taronga Zoo and Ambassador of The Australian Ballet, where she also sits on their Ambassador Board.
Christopher Bevan
Chris Bevan is a member of the Sydney Bar. He also has Chambers in Melbourne, where he practises on a part-time basis. Chris has been at the Bar for 28 years following a career as a solicitor in private practice for 11 years, 6 years of which he had spent as a law firm partner. A detailed curriculum vitae for Chris accompanies his paper. This brief biography is provided merely by way of an introduction of Chris as a leading expert on taxation law in Australia over the last 20 years, with particular application to company and trust structures. Chris appears in tax cases, company law and trust disputes, including disputes between shareholders, trustees and beneficiaries, with occasional appearances in the Family Court. Chris has appeared on a number of occasions during the last 20 years as leading counsel in cases involving those three principal areas of law in the High Court, the Federal Court, the Full Federal Court, and various Courts of Appeal and Supreme Courts around Australia. Chris is also a leading advisor, university and professional-body lecturer and author on tax law, company law and trust law. Chris has recently joined the panel of very senior taxation lawyers registered with the Small Business and Family Enterprise Ombudsman. This new panel provides legal advice at the highest level to small business taxpayers who have hit a brick wall in disputes with the ATO. The Small-Business Ombudsman provides a taxation equivalent of Medicare by making available senior tax lawyers on his panel (like consultant medical physicians) whose advice is funded as to a $100 per hour gap-payment by taxpayers and as to the balance by the Ombudsman from a budget provided out of the Federal Budget. Chris is speaking on trust and taxation law aspects of matrimonial disputes, with a passing reference to Division 7A of the 1936 Tax Act, in deference to the dedication of that discrete topic to another eminent tax law expert, Greg Vale.
Denis Barlin
With a particular focus on the SME market, Denis Barlin advises on all aspects of revenue laws, including income tax, CGT, GST and State taxes generally - including stamp duties and land tax. As well as taxation, Denis provides advice on trust law matters generally and superannuation. Denis is a regular speaker for professional associations including the TIA and has been a regular contributor to a number of professional journals.
Brett Young
Brett commenced as a Tax Partner at Hall Chadwick in 2022. Brett has practised as a tax advisor since 1994, practising as a tax accountant in Big 4 Accounting firms, multinational corporates and smaller boutique professional firms.
Prior to joining Hall Chadwick, Brett was a tax barrister specialising in taxation law and commercial law at the New South Wales Bar and from 2003.
Brett advises taxpayers in all areas of taxation, including income tax, international tax, capital gains tax, FBT, GST, stamp duty, payroll tax and land tax.
Brett’s primary area of practise is resolving tax disputes for taxpayers in the Australian economy.
As a specialist tax advisor with accounting and business skills, Brett provides a practical solutions based advice to his clients and creates plans to resolve problems in complex transactions and business environments. With decades of experience and tax expertise, Brett has a ‘sixth sense’ as to managing a client’s Australian tax risk.
Brett acts for a broad range of taxpayers – including multinational corporations, small-to-medium businesses, property developers and high net worth individuals.
Brett is passionate about the education of the younger profession. Brett is a regular conference presenter and has also devoted much of his career educating younger professional accountants and lawyers regarding the taxation of taxpayers in the Australian economy. Brett has taught taxation as part of the Accounting Professional Year Programme conducted by the Chartered Accountants Australia and New Zealand (CA ANZ) and more recently as adjunct academic at the University of Technology (UTS), Sydney.
Venue
Legalwise Seminars - Pitt Street
Level 11 70 Pitt Street
Sydney 2000 NSW
Australia
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Nearby Public Transport:
Train Stations - Wynyard 400m OR Martin Place 500m
Bus Interchange - Clarence Street 450m
Ferry - Circular Quay 1.2km