Trusts are a commonly used business and investment structure in Australia. This course provides an overview of the basic features of a trust, providing an overview of the complexities, risks and opportunities for trustees and beneficiaries.
This course consists of one online course and one online assessment.
Learning objectives
- Identify the reasons why trusts are used as business and investment vehicles
- Understand how trusts are currently taxed and when trustees or beneficiaries will be assessed
- Recognise the issues that can arise when a trust applies the CGT Discount or the small business CGT concessions in respect of a corporate beneficiary, and how unpaid present entitlements owed to a corporate beneficiary can be structured to prevent a deemed dividend arising under Division 7A
- Recognise when a family trust election needs to be made and the impact it will have on a trust
- Identify when each specific CGT event applicable to trusts may apply
- Identify the income tax and CGT advantages of using a testamentary trust
- Determine when an interest deduction can be claimed by a trustee on funds borrowed to finance a payment to a beneficiary
- Recognise when specialist advice will be needed to determine whether a resettlement has occurred
Audience
This course is for tax practitioners with responsibility for the preparation of income tax returns for individuals and businesses involving trusts.
