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This core tax subject will examine in depth the Australian income tax rules applicable to trusts, including significant new and ongoing reforms and policy developments. It will apply these rules to the range of applications of trusts, including private trusts such as unit trusts, family discretionary trusts, public managed investment funds, real estate investment trusts, nominee trusts, and stapled structures used by large businesses.
Principal topics include:
- Definition and types of trust at law and for tax purposes and framework of trust tax rules
- Trust distributions, beneficiaries and trustees, present entitlement, net income and flow-through of tax attributes, such as franking credits and capital gains
- Trust losses
- Anti-avoidance and integrity rules
- Capital gains tax for trusts, including formation, distributions, termination, unit trusts and deceased estates
- Managed investment and real estate unit trusts, public trading trusts, and stapled and other trust structures
- Trust tax reform and new developments.
Intended learning outcomes
A student who has successfully completed this subject will:
- Have an advanced and integrated understanding of trust taxation rules and of how these tax rules apply to trusts in a range of different applications
- Be able to critically examine, analyse, interpret and assess the effectiveness of these legal rules
- Be an engaged participant in debate regarding emerging and contemporary issues in the field
- Have a sophisticated appreciation of the key planning and structuring uses of trusts
- Have an advanced understanding of taxation of private trusts for individuals and families, discretionary and unit trusts for businesses, public managed funds, real estate and trading trusts, nominee and stapled structures used by large business
- Have a detailed understanding of topical issues and tax reforms applicable to trusts
- Have the cognitive and technical skills to generate critical and creative ideas relating the use of trusts, and to critically evaluate the tax treatment applying to them
- Have the cognitive and technical skills to independently examine, research and analyse existing and emerging issues relating to taxation of trusts
- Have the communication skills to clearly articulate and convey complex information regarding taxation of trusts to relevant specialist and non-specialist audiences
- Be able to demonstrate autonomy, expert judgment and responsibility as a practitioner and learner in the field of taxation of trusts.
Last updated: 24 January 2023