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.
The basic features of a trust
Taxation of trust income
Family trust elections
Capital gains tax
This course consists of one hard copy learning manual and one online assessment.
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Identify the reasons why trusts are used as business and investment vehicles
Understand how trusts are taxed and when trustees or beneficiaries will be assessed on net income derived by the trust including related planning opportunities in strategically streaming capital gains and franked distributions to certain beneficiaries
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
Understand 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 for the purposes of the trust losses, dividend imputation reporting and withholding provisions
Identify when each specific CGT event applicable to trusts may apply, and understand the planning opportunities
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, and the potential impact of such a resettlement for CGT and income tax purposes
This course is for tax practitioners with responsibility for the preparation of income tax returns for individuals and businesses involving trusts.
This course is based on the Australian taxation system.