Amending Trust Deeds

Beware of some traps and misconceptions when amending a trust deed - especially for discretionary family trusts!

In this session, we cover:

• Common reasons to amend?

• Can I Amend?

  • Power of amendment

  • Restrictions

  • Can you vary the Schedule?

• Trustee v Appointor

• State tax consequences

  • Declaration of trust - Lam & Kym

  • Declaration of trust - Oswal

  • Change of beneficial ownership - Buckle

  • Victoria - will duty apply?

  • NSW - will duty apply?

• CGT consequences

  • ATO current views

• Trust ‘Splitting’

  • When might a Trust Split be considered?

  • What is a Trust Split?

  • TD 2019/14

Date recorded: 27 August 2024