This session will examine the common issues that present when controllers of trusts lose capacity, including:
considering the circumstances in which an attorney or other person can step into the shoes of a trustee, appointor or guardian;
how to plan for such events; and
practical tips on conditions, limitations and instructions.
Family-owned businesses and investment structures often hold significant wealth but much of it remains "locked" for reasons of tax efficiency, asset protection, or the need to retain control. This session explores how families can both unlock wealth when needed and establish enduring mechanisms for multi-generational wealth stewardship.
We’ll look beyond immediate liquidation strategies and show how unlocking wealth can involve careful planning, structured processes, and governance frameworks. From dividends and asset transfers to long-term control mechanisms such as wills, memoranda of wishes, successor appointments, and governance terms embedded in Constitutions. We’ll provide a clear roadmap for both wealth extraction and wealth preservation.
Key legal and tax considerations will also be covered, including trustee decision-making duties, related-party benefit provisions, and the role of a corporate appointor. We will explore succession and exit planning tools, CGT implications for renouncing interests, and critical anti-avoidance rules.
Through practical insights and case studies, participants will gain strategies for navigating complex family dynamics, balancing control with flexibility, and ensuring long-term protection of wealth.
During the stages of administration of a deceased estate, a beneficiary may become presently entitled to the income. It is important to recognize this to determine who is responsible for the payment of income tax on that income. This session covers the various stages of administration, including:
Can a beneficiary be presently entitled to estate income prior to the estate being fully administered?
What if payments of income are paid to the beneficiaries whilst the estate is in administration?
When is a deceased estate fully administered?
Does the estate have to be wound up for beneficiaries to be presently entitled to the income?
How is the income of a deceased estate taxed in the financial year it is fully administered (IT 2622)?
Deceased estates and CGT assets (TR 2004/D25):
- When does a beneficiary have absolute entitlement?
- CGT event E5 and the Division 128 exclusion
- The fungible asset test
- Worked examples
The taxing of a deceased estate:
- For the first three income years after death
- More than three years after death
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