There are different types of options: options per se, conditional contracts, and offers with consideration not to revoke. These are set out in Laybutt v Amoco. The different types of options have different legal and taxation effect, in particular with Stamp Duty. Dr....
After considering the problems with creating present entitlement to income due to the trustee’s right of indemnity, we will next consider how to make distributions of corpus to beneficiaries. We will consider the various judgements in Fischer v Nemeske and how...
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...
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...
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...
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...
