STEP Into Trusts Series for Emerging TEP Professionals
SESSION 4: Taxation of Trusts - Wednesday 12 May 2021
In this session we will look at the way in which the Australian tax system levies income tax in respect of typical discretionary and testamentary trusts. We will provide a refresher on tax basics and then focus on the operation of the key taxing provisions contained in the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 which relate to trusts. This will help us appreciate how and why discretionary and testamentary trusts are “tax effective” and how they can best be utilised by our clients. In this session we will also review example financials for a discretionary trust and provide practical tips for identifying common tax issues from those financials. The group will then discuss possible solutions for the issues which have been identified.
The Kings Head Hotel
357 King William Street, Adelaide South Australia 5000