This paper reviews the recent developments and, particularly the recent case law, in relation to anti-avoidance provisions to the operation of trusts- including what would historically be regarded as typical discretionary trust distributions....
West Garbutt Senior Associate Alex Whitney has authored the following paper on family trusts for Legalwise. This paper discusses the intricacies of the family trust election rules and their impact on family trusts at each stage of a trust’s lifecycle....
Lawyers Mark West and Alex Whitney, author the following paper which covers what is understood to be the current ATO view on, and also how to proactively manage and mitigate the risks in relation to, reimbursement agreements. This paper was presented by Mark West at the 2021 Queensland Tax Forum. To access this paper, please click: Trusts 100A - reimbursement agreements; identifying and reducing taxpayer risks ...
Land is often acquired by trusts for a variety of reasons including asset protection and the availability of a 50% capital gains discount for land held for more than 12 months. Land tax as it applies to trusts in Queensland can be misunderstood, particularly regarding the context in which separate assessments will issue, the availability of exemptions, including: the home exemption; and the primary production exemption. Potential issues for landowners With improved data matching techniques, the Queensland Revenue Office (QRO) is increasingly contacting trustee landowners that are claiming exemptions to verify if exemptions are properly being claimed. When trustees are acquiring land in Queensland on trust,...