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Transfer to a trustee found to be non-dutiable

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Transfer to a trustee found to be non-dutiable

The Victorian Court of Appeal’s decision in MD Commercial Pty Ltd v Commissioner of State Revenue [2019] VSCA 295 was a culmination of the battle between the Victorian Commissioner of State Revenue and the taxpayers’ statutory interpretation of a duty exemption contained in s 35 of the Duties Act 2000 (Vic) (Act) and whether the trustee had to be in a “bare trustee” relationship with no active powers being held by the trustee.

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Trusts and the franking credits trap: can we fix it?

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Trusts and the franking credits trap: can we fix it?

Beneficiaries of a unit trust may only claim franking credits if they are a “qualified person” in relation to the franked dividend. In order to be a qualified person the taxpayer must satisfy both the related payments rule and the holding period rule.

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SMSF and Asset Protection from Creditor Claims

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SMSF and Asset Protection from Creditor Claims

When most people think of self managed superannuation funds (SMSFs) they mostly think of a vehicle to provide retirement benefits and their concessional tax treatment. In contrast, the asset protection benefit provided by SMSFs is often not considered.

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TD 2019/D6 and TD 2019/D7: (further) unintended consequences?

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TD 2019/D6 and TD 2019/D7: (further) unintended consequences?

While consistent with recent ATO views, TD 2019/D6 and TD 2019/D7 provide minimal clarification on the taxation of Australian discretionary trusts distributing capital gains to foreign beneficiaries.

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Super Death Benefits and Conflicts of Interest – The Latest Battleground

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Super Death Benefits and Conflicts of Interest – The Latest Battleground

Challenging death benefit payments from superannuation funds has followed four broad categories over the years. Interestingly, they have developed in relatively discrete time periods.