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Recorded Webinars

Recorded Webinar: When is a Family Trust not a Family Trust? The Ins and Outs of Family Trust Elections

Electing for a trust to be a family trust for tax purposes can avail the trust to various concessions not otherwise available. It can also expose the trust to unforeseen adverse tax consequences if the conditions relating to the election are not complied with. This session looks a
PRESENTED BY Raymond Lim Solicitor-Direcctor - TEP Legal , Sydney

Date/Time

About the Webinar

Electing for a trust to be a family trust for tax purposes can avail the trust to various concessions not otherwise available. It can also expose the trust to unforeseen adverse tax consequences if the conditions relating to the election are not complied with. This session looks at the situations where an FTE may be a viable option, as well as what to look out for once the election is made, including:

  • What tests need to be passed prior to making an FTE?
  • What are the tax concessions available to a trust that has made an FTE?
  • Choosing the test individual:
    • what issues are arising in practice years after the original FTE has been made?
    • can the test individual be changed?
  • Which individuals and entities are included in the “Family Group”?
  • Just because a trust has tax losses to carry forward, does that mean an FTE needs to be made to claim those losses in future years?
  • How is family trust distribution tax (FTDT) being inadvertently triggered in practice and are there options available to have FTDT reversed?
  • Who is liable to pay FTDT?
  • Defining distributions of income and capital, including whether:
    • forgiving a debt falls within the definition
    • issues can arise when property is transferred to beneficiaries at less than market value

Presented By

Raymond Lim
Solicitor-Direcctor, TEP Legal Sydney, NSW

Raymond Lim, Solicitor-Director, TEP Legal, Sydney, NSW

Raymond is the solicitor-director of TEP Legal Pty Ltd. He holds qualifications in accounting, finance and law and holds dual qualifications as a Chartered Accountant and Solicitor. He has more than 20 years of extensive experience providing a diversified range of commercial legal services to clients which includes trust, commercial law, property, taxation law as well as comprehensive estate and superannuation legal services to private and commercial clients across Australia. He has been able to utilise his specialised taxation and trust law knowledge in advising and structuring business models for a range of clients in business and personal estate planning and asset protection matters. Raymond is a sole expert in international estate planning, assisting high net worth private new migrants to kick start their business structures with businesses across different continents of the world.

Having worked closely with LexisNexis over the past 20 years, Raymond is the Editor for Retirement and Estate Planning Bulletin and author for LexisNexis Taxation and Estate Planning as well as being the exclusive author for LexisNexis Practical Legal Guide on 'Cost and Tax'. Raymond lectured at Kaplan Professional 'Tax Structures', 'Contracts', 'Superannuation and Retirement Planning', 'Estate Planning for Financial Planners', and he is also an experienced presenter and provided seminars and training in Trust and Taxes, Estate Planning at LexisNexis, Television Education Network, College of Law, Legalwise Seminars, The CLE Centre Pty Ltd and internal Continuing Legal Education as well as being the author of papers in technical journals such as Taxation Institute of Australia, Tribeca Communications 'Estate Planning' course paper, Financial Planning, Money Management and Retirement and Estate Planning Bulletin.

Who Should Attend?

This webinar is suitable for accountants advising in taxation matters – Australia wide. This webinar is for practitioners with some knowledge in this area and looking to improve their knowledge.

CPD Information

Accountants can claim up to 1 CPD/Training hour. This webinar has been designed to run for 1 hour, however, webinar lengths can vary depending on the level of questions and discussion.

Enquiries/Assistance

If you need assistance or have an enquiry, please do not hesitate to contact our Webinar Coordinator, Lisa Tran on (03) 8601 7709 or email: [email protected]

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