Counting Down From 100: Is 99B the Next Sleeper to be Awakened?

Whilst section 100A was introduced into the Income Tax Assessment Act 1936 back in 1979, it would be fair to say it may have only become entrenched in some advisers’ minds in recent times. In that same year, section 99B relating to the receipt of trust income not previously subject to tax, was also introduced into the 1936 Act. Is this the next sleeper to catch advisers off guard, with a scope far broader than first realised? This session looks into finding out the answer, including:

• What type of income has the potential to attract section 99B?
• Is section 99C (interwoven with 99B) worded so broadly that advisers may be forgiven for saying “I didn’t see that coming”?
• The tax implications if section 99B applies, including the interest component (sec. 102AAM ITAA 1936)
• Does section 99B extend to proceeds from a CGT event involving units in a foreign managed investment trust, including whether it makes a difference if the units are “redeemed” or “sold”?
• Interaction with disregarded capital gains in foreign trusts (TD 2017/23, TD 2017/24)
• How do the rules apply to foreign deceased estates?
• Strategies to reduce the risk of section 99B applying
• Practical examples