Tax Training – 5/7/24 – Dr Campbell Rankine: Present Entitlement & the Trustee’s Right of Indemnity

Having examined the Whiting formulation, which requires for present entitlement to be created a beneficiary must have the right to demand a distribution from the income of the trust. We then discussed the inherent problem with this formulation, which is in order to...

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...