Perks- Focussed, Client-driven Accounting & Financial Services Firm in South Australia & Northern Territory

Budget 2008-09: Abolishing Trust Cloning

18.12.08

The Government has announced that it will remove the ‘trust cloning’ exception which disregards any capital gains arising when a taxpayer:

creates a trust over a CGT asset by declaration or settlement; or
transfers a CGT asset to an existing trust.

The exception, generally, applies when the new trust and old trust have the same terms and beneficiaries.

Trust cloning is a common practice used for succession planning and asset protection purposes.

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Tax Scams On Tax Office Radar
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Education Tax Refund - Claims Check
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