How to approach business structures and restructures in 2021
The Tax Institute
Taxation issues will regularly arise in the family law context, especially in those cases that involve the division of property. Providing the correct advice to clients at the earliest opportunity is crucial to ensuring that the outcome that the client is expecting to receive at the conclusion of a family law dispute is not railroaded by taxation issues that were not foreseen or properly dealt with from the outset. This presentation will deal with the impact on Family Law proceedings of income tax issues resulting from the use of trusts to acquire assets or carry on business.
2. Testamentary trusts have been commonly used for centuries to hold assets the income from which is distributed to one or more beneficiaries, such as a surviving spouse or children, during their lifetimes, and the corpus or capital subsequently to others. The last half of the twentieth century saw an explosion in the use of inter-vivos trusts to hold assets and carry on businesses.
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