The Tax Institute

The increased global mobility of individuals and online transactions, together with the deregulation of financial markets and exchange controls since the 1980s, mean that cross-border estate tax issues are, in many instances, “the new black”.

This is a broad topic far beyond a one-hour presentation, or a paper of a sensible length, so the focus will be on the following:

1. CGT Event K3: assets passing to tax advantaged beneficiaries

• When is it triggered?

• How does it apply to testamentary trusts?

• Application where one or more trustees or beneficiaries are non-resident

2. Division 855: understanding the CGT rules for non-residents in relation to taxable Australian property and taxable Australian real property

• What is included in real property?

• Understanding how Division 855 can apply to trusts: TD 2019/D6

3. Section 99B: receipt by Australian resident of distributions from foreign trusts:

• Establishing capital nature of distribution from non-resident trust: TD 2017/24

• Understanding the deemed receipt rule in section 99C.

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