changing trustees

published: january 2012

We have found from reviewing a large number of deeds that more care must be taken when changing trustees of trusts.  The deed must be drafted carefully in accordance with the terms of the principal deed and in order to avoid stamp duty must provide that the new trustee cannot become a beneficiary of the trust.....> read more

taxation of trusts

published: december 2011

On 21 November 2011 the Assistant Treasurer released a consultation paper titled "Modernising the Taxation of Trust Income - Options for Reform". The legislation, which is expected to be introduced in November 2012, will rewrite Division 6 of the 1936 Tax Act.....> read more

black v garnock - are trusts also at risk?

published: december 2011

Four years ago, the High Court in Black V Garnock [2007] HCA 31 held that the right of a judgement creditor under a registered writ of execution to force a sale of land under the Real Property Act prevails over the interest  of a purchaser not protected by a caveat.....> read more

resettlements revisited

published: september 2011

On 2 September 2011 the High Court refused the Commissions application for special leave to appeal from the Full Federal Court's decision in FCT v Clark (2011) FCSFCA 5.....> read more

discretionary trust reviews

published: july 2011

Our commercial team has compiled a package to help our clients with discretionary trusts that may require updating in line with the high court case of Commission of Taxation and Phillip Bamford & ors.....> read more

taxation of trusts

published: march 2011

The taxation of trusts is in a state of flux since the High Court's decision in Bamford, the Federal Courts decision in Clark's carse and the Assistant Treasurer's recent announcement that the Government intends to amend the law so that we can "enjoy more certaint" in relation to the taxation of trusts.....> read more

change of super fund trustees

published: november 2010

With the passage of the State Revenue Legislation Further Amendment Bill 2010 through the NSW Parliament on 24 November 2010 the anomaly regarding changes to the trustees of SMSF's created by amendments to the Duties Act 197 which came into effect on 1 July 2010 has been removed......> read more