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105875
Individual Podcasts

Family Trust Elections - Be Careful Not to Let Short Term Gain Turn into Long Term Pain

Family trust elections (FTEs) can open up a number of tax concessions for trustees. However, before making the election a level of forethought is required to ensure those concessions aren’t outweighed by any adverse tax consequences in the future. This session explores the benefit
PRESENTED BY Daniel Smedley Principal - Sladen Legal , Melbourne

Date/Time

About the Podcast

Family trust elections (FTEs) can open up a number of tax concessions for trustees. However, before making the election a level of forethought is required to ensure those concessions aren’t outweighed by any adverse tax consequences in the future. This session explores the benefits as well as the issues that can surface well after an election is made, including:

  • Why you would make an FTE and what future scenarios may make trustees have second thoughts
  • What FTE related issues are the ATO uncovering in reviews?
  • When an interposed entity election (IEE) is and isn’t required to receive trust distributions and not trigger family trust distribution tax (FTDT)
  • Can you:
    • revoke a family trust election when the purpose of the original election is no longer relevant?
    • change a test individual to adapt to changing circumstances?
  • How is a family trust election impacted if the test individual dies?
  • Can a testamentary trust make an FTE and does it make any difference if the trustee:
    • is a professional trustee?
    • is a legal advisor?
    • was not related to the deceased?
  • Are there any implications for the sale of an entity that has previously made an FTE or IEE?
  • How FTDT:
    • is being inadvertently triggered
    • may be able to be reversed once assessed (QC 48752)

Presented By

Daniel Smedley
Principal, Sladen Legal Melbourne, Vic

Daniel Smedley, CTA, enjoys solving complex taxation and trust law issues for private enterprise clients. He is also a trusted confidant in planning the succession of his client’s personal and business affairs.

Daniel is a Chartered Tax Advisor with The Tax Institute, accredited as a specialist in Taxation Law with the Law Institute of Victoria and is recognised by his peers in Doyles Guide as a leading lawyer in Taxation. He is also recognised in the Best Lawyers list published in the Australian Financial Review being awarded the lawyer of the year in Melbourne in Taxation in 2022 and in respect of Trusts and Estates and Wealth Management/Succession Planning this year.

Daniel is a regular presenter at state and national industry conventions, conferences and workshops.

CPD Information

0.5 CPD hours

Enquiries/Assistance

If you need assistance or have an enquiry, please do not hesitate to contact us, on (03) 8601 7700 or email: [email protected]

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