Notwithstanding that a promissory note is a relatively simple instrument, it may be drawn incorrectly. Examples of this are Re Permewan [26] and Turner v O’Bryan-Turner, [27] both of which involved a “gift and loan back” scheme. A further analysis of these cases is...
The Tax, Trusts and Technology Newsletter is a monthly publication with in-depth articles on novel subjects. It also highlights upcoming events and matters of interest. Subscribe if you would like to read fresh ideas and insights on Tax, Trusts and Technology. *...
There is a certain type of sub-trust over income that many trust deeds purport to create, and which the Federal Commissioner purports to allow. This is where a trust is established over the income distributed from another trust. This is problematic for the reasons...
Dangers Of Law Clerks With Checklists The discussion surrounding the dangers of automation typically centre on novel and futuristic application of Artificial Intelligence. Even if we are not worried about Skynet terminating humans, we worry about application of data,...
The ATO has stuck to their guns on the view that a Trust Split creates a new trust (and hence a CGT Event), however they have made it clear that a separation of powers within a trust (which I call an ‘Internal Trust Split’) will not trigger CGT. An...
