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We have recently seen an increase in tax problems where Australian residents receive capital distributions from foreign trusts.
Sometimes this has happened when a trust has been established overseas, beneficiaries of the trust immigrate to Australia, and then want to receive a distribution from the trust.
In other cases, Australian residents have ‘inherited’ amounts from overseas relatives – sometimes through a deceased estate, sometimes as capital from a discretionary trust.
The effect of section 99B is particularly nasty because it taxes the capital – not the income – of the foreign trust. It also potentially applies to loans.
In this session, partner Fletch Heinemann will work through a series of case studies to examine:
After this session, you should be in a position to advise clients who expect to receive a capital distribution from a foreign trust on the tax consequences, and how to manage any tax risk.
Cooper Grace Ward acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.
Fast, accurate and flexible entities including companies, self-managed superannuation funds and trusts.