Publications and News

Trust resettlements

27 June 2012

After copping a bit of a thrashing in some recent Court cases the ATO recently released Draft Taxation Determination TD 2012/D4 which when finalised will revoke and replace the current Statement of Principles on trust resettlements.

The draft determination states that amendments to a trust will not result in a resettlement:

1. unless the amendment causes the trust to terminate for trust law purposes; or
2. the effect of the amendment is to lead to a particular asset being subject to a separate charter of rights and obligations such as to give rise to the conclusion that that asset has been settled on terms of a different trust.  Continue Reading..

Changing trustees

1 January 2012

We have had a considerable response to our discretionary trust review package sent out in our enews last July after the High Court decision in Bamford. See the attached copy for your information if you missed it last time.  Continue Reading..

Change of super fund trustees

31 October 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 1997 which came into effect on 1 July 2010 has been removed.

Concessional stamp duty of $50 has been restored on transfers of dutiable property from old super fund trustees to new super fund trustees provided the Commissioner of Stamp Duty is satisfied the transfer is not part of a scheme conferring an interest in the property on the new trustee or any other person to the detriment of the beneficial interest of any person.

However, as is the case with the new section 62A of the Duties Act, the change will only benefit funds that have lodged their first annual return and are noted as “Complying” on

The change is retrospective and has effect from 1 July 2010.  Continue Reading..