Assisting Non-Residents to Set up Trusts
Issues covered include: non-resident beneficaries, SME, ATO, surcharge duty, land tax, foreign resident beneficiaries
Description
Trusts and non-resident beneficiaries is an incredibly complicated area, where the general rules just don’t apply. For non-residents, failing to seek appropriate tax advice on their estate planning can lead to an Australian tax disaster. Double taxation and tax eroding family wealth are just some of the potentially very messy outcomes for poor administration of your client’s trust. Tax expert Dung Lam will examine the alternate trust options, what to consider and why, and the consequences for bad advice.
Non-Resident Beneficiaries and Australian trusts in the SME sphere
- The trust options available for investing using an Australian trust and how income and capital gains tax is assessed to a non-resident beneficiary in light of the ATO's change of interpretation in TDs 2019/D6 and 2019/D7
- The impact of surcharge duty and surcharge land tax where a land owning trust includes foreign resident beneficiaries
- How failing to recognise residency status of an intended beneficiary can create havoc for an estate plan and the actions that can be taken to prevent capital gains tax arising
- The current ATO targets aimed at trusts with non-resident beneficiaries
Presented by Dung Lam, Team Leader – Tax, Argyle Lawyers; CTA
This webinar will be streamed AEDT
Presenters
Dung Lam is a tax and superannuation lawyer with years of experience advising on a wide variety of taxes including income tax, capital gains tax, GST and state taxes such as payroll tax and land tax. Dung also assists taxpayers in obtaining rulings from and managing tax disputes with the Australian Taxation Office and state revenue authorities. Dung has extensive experience in advising on the taxation of trusts, superannuation issues concerning self managed superannuation funds and tax issues related to estate planning. Dung advises a broad range of clients ranging from small to medium enterprises, high net worth individuals, professional firms, accountants and their clients. Dung is a Chartered Tax Adviser, a full member of the Society of Trusts and Estates Practitioners and an accredited Taxation Law Specialist with the New South Wales Law Society.
Accreditation
Attend and Earn 1 CPD Hour
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