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Thomson Reuters Trusts Tax Bulletin

In this issue, we cover a range of topics affecting you and your clients including:

  • Allocation of professional firm profits
  • Some things stay the same, but the numbers have changed: Draft PCG 2021/D2 - Allocation of professional firm profits
  • Testamentary trusts and excepted trust income - the new normal
  • Section 100A: why so much attention?
  • Ex-spouses attacking trust assets
  • Trust distributions, Pt IVA, and evidence of who "might reasonably be expected" to have received the assessable income
  • Tax equalisation clauses in wills - devil is in the detail
  • Trusts and the rule in Murphy's Law
  • Sub Trust Arrangements - Deadlines approaching and no light at the end of the tunnel
  • A cautionary tale for family enterprises and their advisers: discretionary trusts, journal entries, etc - McCarthy v Saltwood

We also cover the latest:

  • Legislative announcements and developments
  • Case law development
  • Rulings and other ATO documents
  • ATO administrative practice
  • State taxes
Thomson Reuters Tax News Team
 

Lawyer in Profile

Julian Smith
Julian Smith
Partner
+61 3 9258 3864
julian.smith@maddocks.com.au

Qualifications: BA, LLB, Monash University, LLM, University of Melbourne

Julian is a Partner in Maddocks Commercial team. He advises a diverse range of clients across the Australian commercial and financial services landscape.

Julian's corporate practice spans various sectors, including financial services, professional services, and family-owned enterprises. He advises on:

  • capital raising,
  • disclosures,
  • restructures,
  • mergers and acquisitions,
  • corporate governance,
  • directors' duties, and
  • trusts, corporations, and securities law.

Julian's financial services practice involves advising financial market participants on the entire financial services lifecycle including fund structuring, management options, and compliance with regulatory requirements.

Julian also offers guidance on alternative and disruptive financial services businesses, such as online foreign exchanges, internal markets, and management rights schemes.