Recorded Webinar: Trust Vesting and TR 2018/6: The Questions Remain

While TR 2018/6 on trust vesting was keenly awaited, the approach taken by the ATO has raised a number of questions which remain unaddressed. This session explores the implications of TR 2018/6 in relation to trust vesting, and how advisers can navigate the issues that still remain. It covers:

• What’s missing from TR 2018/6:

  • Reconciling FCT v Oswal [2012] FCA 1507 to ATO views on absolute entitlement

  • Why can’t a power of retrospective amendment authorise the extension of a vesting date?

  • Can a trust be amended to become a South Australian trust and thereby eliminate the vesting date?

  • What happens if the trust deed is lost and the vesting date is unknown?

• What if you keep running the vested trust as a fixed trust?

  • Retain as a shell and keep administering?

  • What are the tax consequences if there are no default beneficiaries?

• Issues to consider when trust has vested for a period of time without parties becoming aware:

  • How to tidy up the intermediary period between vesting and awareness

  • What happens if a default beneficiary passes away after the vesting of the trust but before the parties become aware of vesting

  • Balancing the ATO’s view against the trustee’s view against the beneficiaries’ views