Dissecting trusts and trusteeship: CGT and stamp duty consequences

Glover, J 2007, 'Dissecting trusts and trusteeship: CGT and stamp duty consequences', Australian Tax Review, vol. 36, no. 4, pp. 201-221.

Document type: Journal Article
Collection: Journal Articles

Title Dissecting trusts and trusteeship: CGT and stamp duty consequences
Author(s) Glover, J
Year 2007
Journal name Australian Tax Review
Volume number 36
Issue number 4
Start page 201
End page 221
Total pages 21
Publisher Lawbook Co.
Abstract Possibilities of trust dissection confound regulators and revenue-gatherers.Trusts' minimal "core" obligations and few definitional requirements explain the continued use of the device for revenue-efficient purposes. Trusts can be dissected, or "split," in an indeterminate number of ways. Five means are considered here, together with capital gains tax and the stamp duties consequences in Australian State and Territory jurisdictions. First, trust assets may be appropriated to specific beneficiaries proportionally to their interests in the device. Second, co-trustees' duties and responsibilities, control of trust assets and associated liabilities can be separated. Third, subtrusts can be created, for purposes including the transfer of beneficial interests. Fourth, trusts can be "cloned", splitting aspects of control and liability into separately administered funds. Fifth, "umbrella" trusts can be created, with sectionalised custody, management and risk functions relevant in the avoidance of land rich duty.
Subject Property Law (excl. Intellectual Property Law)
Keyword(s) trust dissection
capital gains tax
stamp duties
Australian State and Territory jurisdictions
trust assets
administered funds
umbrella trusts
sectionalised custody
land rich duty
Copyright notice © Lawbook co.
ISSN 0311-094X
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