Tax Training – 28/6/24 – Dr Campbell Rankine: Present Entitlement & the Trustee’s Right of Indemnity

This week we will continue our exploration of Present Entitlement & whether that can be achieved when the assets of the Trust are subject to the Trustee’s Right of Indemnity. Dr. Campbell Rankine will lead us through this topic.    Required Reading: WF...

Tax Training – 21/6/24 – Dr Campbell Rankine: Is Present Entitlement Broken? Problems with the Whiting formulation and the Harmer formulation

The Whiting formulation and the Harmer formulation are widely relied upon in determining whether there is present entitlement to the income of a trust. However, there are problems with both of these formulations and this puts in issue common understandings of present...

Tax Training – 14/6/24 – Dr Campbell Rankine: Partnerships and CGT

There is a strange deeming of capital gains made by partners in a partnership. The legislation does not fit comfortably with partnership law. We are going to explore how this strictly operates and how the ATO interprets it. Dr. Campbell Rankine will lead us through...

Tax Training – 7/6/24 – Dr Campbell Rankine: Div 7A and Overdrawn Partnership Accounts

Drawings to and from the accounts of partners is an essential aspect of partnerships. In a recent PBR the ATO considered partnership drawings to be a loan or financial accommodation for the purpose of Division 7A. Are the PBRs an anomaly  or will the ATO seek to...

Tax Training – 31/5/24 – Dr Campbell Rankine: ACCC v Master Wealth Control and so called “Vestey Trusts”

We will look at the recent case concerning Master Wealth Control Pty Ltd (the DG Institute) and Dominique Grubisa and the purported claims of creating novel trusts by the name of “Vestey Trusts”, the attempts at gift and loan back for asset protection, attempts to...

Tax Training – 24/5/24 – Dr Campbell Rankine: Farnsworth v FCT, White v Shortall, trading stock and fungibles

The next step in our exploration of fungibles and equitable rights in relation to them is considering trading stock and when it is on hand and how it can be dealt with.  Led by Dr Campbell Rankine Required reading: Farnworth v Federal Commissioner of Taxation [1949]...