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STEP Into Trusts Series for Emerging TEP Professionals

STEP Into Trusts Series for Emerging TEP Professionals

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The Emerging TEP Professionals’ STEP Into Trusts series is designed for accountants, lawyers and financial planners wishing to expand their knowledge of trusts and their uses in practice. The series will cover the basics of trusts, their different types and uses, how to account for trusts (including how to interpret a balance sheet) and an overview of how taxation rules apply to trusts. At the end of the series attendees will have a greater understanding of Trusts and their application.

SESSION 1: TRUST BASICS - ROLES - Tuesday 28 March 2023

Australia takes its legal foundation from England where trusts have played a significant role for centuries. This seminar will cover the history of trusts, the three certainties and the various office holder responsibilities. This session will also cover the nature of the fiduciary relationship between trustees and beneficiaries as well as the rights of the beneficiaries against a trustee. The differences between the use of a corporate trustee to that of individual trustees will also be discussed.

SESSION 2: TYPES OF TRUSTS - Date Thursday 27 July 2023

Discretionary, unit, testamentary, SMSF, bare, resulting, constructive, class or hybrid trusts are a common description of the types of trusts which professionals encounter in practice. Trusts are an important and inherent feature in estate planning and commercial structuring, be it simple or complex. The purpose of this presentation is to gain a practical understanding of distinguishing between the common types of trusts and their practical application to different circumstances in practice.

SESSION 3: ACCOUNTING FOR TRUSTS - Date TBC

Trust distributions, unpaid present entitlements, specific entitlement and section 99A tax assessments bring an added complexity to trust accounting. Trusts will vary considerably based on their purpose being a passive asset holder, income streaming interposed entity or as vehicle for operating a business. In this session we will consider a trust’s financial statements and  identify the differences between accounting for trusts and companies

SESSION 4: TAXING OF TRUSTS - Date TBC

The taxation of trusts is more complex than companies or individuals with both state and federal laws having specific exemptions, provisions and higher rates on trusts. Additionally, trusts have their own set of taxing provisions (eg CGT events, family trust elections, loss provisions). Further, there is additional complexity where unit trusts or hybrid trusts are in play, whether on a federal or state level.. On a state based level, rules are not uniform between the different States and territories and practitioners  need to be cautious when creating trusts with

South Australia ‘centric provisions’ where those trusts are otherwise intended to operate between or in  different jurisdictions.  Join us for the final seminar as we explore some of the taxation risks and benefits of trusts.

Location

in. Studio + Cafe
268 Pirie Street, Adelaide South Australia 5000

Contact Details