Unit 3: Family Trust Elections & Integrity Measures for Trusts - 2024

Explore the various tax integrity measures that apply to trusts, before wrapping up with implications of vesting a trust.

In this unit, we cover:

• Family trusts

  • Advantages of a family trust

  • Disadvantages of a family trust

• Family Trust Elections (FTE)

  • Conditions for making a valid FTE

  • Family control test

  • Specified test individual

  • The “family group”

  • Retrospective election

  • Variation of an FTE

  • Revocation of an FTE

  • Family Trust Distribution Tax (FTDT)

  • Interposed Entity Election (IEE)

• Trust resettlement

• Section 100A

  • Reimbursement agreements

  • Operation of Section 100A

  • TR 2022/4 and PCG 2022/2

  • Guardian case

• Division 7A

  • Loans from a private company to a trust

  • TD 2022/11 and unpaid present entitlements (UPE)

  • Updates on the Bendel case

• Vesting a trust

  • Trust law consequences

  • Tax consequences

Date recorded: 28 November 2024