Trusts Summit
Issues covered include: Trusts, distributions, residency, unforeseen tax nightmares, families and death, foreign discretionary trusts, resident trusts with foreign assets, business structures and trusts, tax threats, Division 7A, small business CGT concessions
Description
From overseas beneficiaries to streaming capital gains to tax nightmares, clients are now seeking more complex advice on trusts, and you need to design a much smarter strategy to meet their needs. You should be constantly reviewing your client’s existing trust structure to determine whether it still fulfills their demands, or whether changing circumstances or tax legislation has created a better structuring option.
Attend the full day and earn 6.5 CPD units
FASEA CPD Allocation: 6.5 hours in Technical Competence
All our conferences are able to count towards your CPD hours in accordance with the regulations of any industry association including CA ANZ, CPA and more. Click here to view your organisations' rules.
Session 1
Trusts, Distributions and Residency
Chair: John Stinson, Partner, Diamond Conway Lawyers; Accredited Specialist in Business Law and Wills & Estates
9.00am to 9.50am: What Attracts the Commissioner’s Attention?
- Unpaid present entitlement and Division 7A: What’s under the spotlight?
- Trusts distributions: when and how you and your clients get caught up
- How reimbursement agreements and family arrangements go wrong: important tips highly relevant to you and your clients
Presented by Peter Bobbin, Principal Lawyer, Coleman Greig
9.50am to 10.45am: Trusts, Families & Death: Unforeseen Possible Tax Nightmares
- Cash payments during the year but beneficiary dies before 30 June: what happens?
- Can a discretionary trust distribute to a deceased estate? Yes, No & Maybe!
- Family trust elections (FTEs) are treated cautiously, but what are the dangers of making an interposed entity election (IEE)?
- Exploring these issues using real life client cases
Presented by Clifford Hughes, Principal, Clifford Hughes & Associates; Accredited Specialist in Taxation and Business Law; Chartered Tax Adviser
10.45am to 11.00am Morning Tea
11.00am to 11.55am: Taxation of Foreign Discretionary Trusts: What to Watch out for
Gain key tips and traps regarding the taxation of foreign discretionary trusts, including working through:
- The transferor trusts provisions: When should the trust be treated as a transferor trust? And are there any exemptions?
- Section 99B: dealing with the receipt of trust income not previously subject to tax and lessons you can learn
- Application of TD 2017/23 and TD 2017/24: how to treat the capital gains that flow through foreign trusts
Presented by Jonathan Ortner, Partner and Kaitlin Lowdon, Senior Associate, Arnold Bloch Leibler
11.55am to 12.45pm: Be Aware of the Risks: Resident Trusts with Foreign Assets or with Non-Resident Beneficiaries
Resident trusts that own foreign assets, earn income offshore or that distribute gains to non-resident beneficiaries have some unique considerations including:
- The application of the non-portfolio active business concessions and non-portfolio dividend concession to trusts
- Trusts' and beneficiaries' access to foreign income tax offsets
- The application of treaties to trusts
- The impact of state taxes on trusts with real property
- The ATO’s new approach that taxes foreign resident beneficiaries on Australian and foreign source non- table Australian property capital gains
Presented by Tony Nunes, Senior Client Director and Jane Harris, Senior Tax Consultant, Kelly + Partners Tax Legal
Session 2
Your Expert Guide to Structuring
1.30pm to 2.30pm: PANEL DISCUSSION: How are Trusts Actually Used in an Ideal Business Structure?
- In the real world, what place does a trust have in your structure?
- What are some of the most common business restructuring situations that can arise where trusts are involved? What are the advantages of restructuring, and how is this approached at different stages of the business life cycle?
- Family business: should a different business structure be considered in a changing family environment, especially as part of succession planning?
- Your opportunity to ask questions
Facilitator:
John Stinson, Partner, Diamond Conway Lawyers; Accredited Specialist in Business Law and Wills & Estates
Panellists:
Vanessa Priest, Partner, Baskin Clarke Priest
Dung Lam, Team Leader – Tax, Coleman Greig
Peter Bembrick, Partner, Tax Consulting, HLB Mann Judd NSW
2.30pm to 3.30pm: Tax Threats to Trust Structures: Dealing with the Proposed Changes to Division 7A and their Impact on Family Trust Structures including Navigating the Murky Waters of Section 100A Reimbursement Agreements
- Significant changes in relation to the consultation paper released by Treasury
- All existing Division 7A loans will be transitioned to a 10 year model including old section 108 loans
- Post 16 December 2009 unpaid present entitlements (UPEs) will be transitioned into the 10 year model as well
- Unclear treatment to pre 16 December 2009 UPEs
- The Liberal Government has deferred the start date of the proposed amendments until 1 July 2020
- How to plan for clients who have large outstanding Div. 7A loans or UPEs so that the proposed changes do not cause a sudden cash flow issue
- The proposed Div. 7A changes and their impact on trusts and strategies to deal with large Div. 7A loans and UPEs in light of the anti-avoidance provisions of Section 100A
Presented by Dung Lam, Team Leader – Tax, Argyle Lawyers
3.30pm to 3.45pm Afternoon Tea
3.45pm to 4.45pm: Maximising Access to Small Business CGT Concessions in the Context of Trusts
The small business CGT concessions offer the best opportunity to reduce tax payable on a capital gain made on the disposal of an 'active asset'. Explore the issues related to trusts making capital gains, including:
- Identifying when an assets is an 'active asset', connected entities, affiliates, etc.
- How to access the cash available from a disposal in a tax effective way
- How to characterise payments made under the retirement exemption
- The 8 February 2018 changes to the way that the concessions operate
- How the streaming changes in 2011 impact on planning for a sale
Presented by Andrew Noolan, Partner, Brown Wright Stein Lawyers
Venue
Cliftons Sydney
Level 3, 10 Spring Street
Sydney 2000
NSW
Australia
Directions
Nearby Public Transport:
Train Stations - Wynyard 400m OR Martin Place 500m
Bus Interchange - Clarence Street 450m
Ferry - Circular Quay 1.2km
Parking Information
Parking not included in your registration. Here are some options below.
Secure Park 20 Bond Street - click here for rates
Wilson Park 1 O'Connell Street - click here for rates
Wilson Park 31 Bond Street - click here for rates