Australian Trusts Tax Handbook 2018-19

ISBN: 9780864698353
Publisher: Thomson Reuters
Publish Date: 06/08/2018

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Australian Trusts Tax Handbook 2018-19

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The Australian Trusts Tax Handbook 2018-19 is a practical guide to the rules relating to the taxation of trusts.

Current to 30 June 2018, it is streamlined to meet the needs of practitioners and advisers and brings together all the key provisions for tax and concepts into the one publication, with plain English explanations, definitions, examples, case studies, sample trust deed clauses, tips and alerts.

There are also step-by-step guides to calculating the income and net income of a trust, streaming capital gains and franked distributions, making effective trust distributions and drafting distribution minutes.

What's new in the Australian Trusts Tax Handbook

There is new commentary on:
  • trust vesting;
  • the residency status of trust estates;
  • the Commissioner’s discretion to treat an interest in the income or capital of a trust as a fixed entitlement;
  • family trust distribution tax and distributions to non-beneficiaries; and
  • a range of proposed tax measures affecting trusts.

The commentary has also been updated for new ATO rulings and guidance, and for important court decisions concerning trusts, including:

  • an ATO draft ruling on employee benefit trusts;
  • ATO determinations that treat capital gains in respect of non-taxable Australian property as ordinary income if amounts attributable to the gains are distributed to Australian beneficiaries;
  • the suspension of the ATO’s guidelines on allocating profits within professional firms;
  • ATO guidelines for trustees whose UPE sub-trust arrangements mature in the 2017-18 income year;
  • an ATO draft determination on the application of the Div 7A interposed entity rules to ordinary commercial transactions;
  • federal, state and territory tax rates; and
  • Whitby Land Company Pty Ltd (Trustee) v DCT 2017] FCA 28 on alternative assessments, Chief Comr of State Revenue v Smeaton Grange Holdings Pty Ltd [2017] NSWCA 184 and Lewski v FCT [2017] FCAFC 145 on trust disclaimers, Re Moignard and FCT [2017] AATA 1661 on present entitlement, and Ellison v Sandini Pty Ltd [2018] FCAFC 44 on CGT event A1 and changes in beneficial ownership.

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