- CPD Points: 1 [PS] [SL]
- Price: $77.00
- Area: Administration of Estates; Elder and Succession Law; Family Law; Succession Planning; Tax Law
- Delivered: February 2020
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Description
Ms Angela Lee is joined by Mr Darren Sheen, Consultant, Dobson Mitchell Allport to present this session on tax implications with trusts in succession planning. Trusts are popular vehicles for asset protection and wealth creation, and succession planning with trust structures can give rise to tax implications. This session will also focus on the tax consequences of recent developments, and practical tips for dealing with them. The ATO has issued guidance on trust vesting, and draft guidance on trust splitting. Legislative amendments have been announced for Div. 7A. Hot topics in terms of ATO activity/interest has been s. 100A, an anti-avoidance provision, and s. 99B, which concerns trust income not previously subject to tax.
Topics considered are:
- trust splitting
- deemed dividends under Div. 7A
- hot topics in the taxation of trusts
- trust bloopers – making a distribution to someone who is not a beneficiary; making distributions not realising the trust has vested; and making discretionary distributions when the trust is a unit trust.
Angela Lee, Barrister, Aickin Chambers (Vic)
About the Presenter:
Ms Angela Lee practices predominantly in taxation, administrative and charity law. She also acts for tax agents and for the Tax Practitioners Board in regulatory matters. She is a nationally accredited mediator. Prior to her call to the Bar, Angela acted for corporate, government and individual clients in taxation matters at Minter Ellison and Price Waterhouse Coopers. She was also a solicitor advocate for the Victorian Government. Angela holds a Master of Laws from the University of Melbourne and a Juris Doctor and Bachelor of Commerce from the Monash University. Angela serves on a number of committees, including as Deputy Chair (Melbourne) of the Law Council of Australia’s Business Law Section's Tax Committee. She consults to the ATO on the National Tax Liaison Group and the Private Groups Stewardship Group.
Darren Sheen, Consultant, Dobson Mitchell Allport
About the Presenter:
Mr Darren Sheen is a consultant in the DMA Estate Planning and Commercial teams. His practice focuses on estate planning, commercial and financial dealings and corporate governance. Prior to becoming a lawyer, Darren spent 20+ years working as an accountant in both private practice and the financial services industry. Darren provides practical estate planning and business succession solutions to high net wealth individuals and businesses. Darren also specialises in taxation and advises clients in respect of both Commonwealth and Tasmanian revenue laws and assists in disputes with the relevant authorities. Darren is a State Councillor with The Tax Institute and a Fellow of Chartered Accountants Australia and New Zealand. He holds a Masters of Tax from the University of Melbourne as well as post graduate qualifications in finance. Darren has conducted regular presentations on taxation matters in the State, including to major accounting bodies and for The Tax Institute.
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