01 March 2022 - LYD Strategy Solution: How to upgrade a Discretionary Trust without a resettlement on LightYear Docs

For so many decades there has been a myth promulgated by the legal profession that an amendment to a discretionary trust deed results in a new trust being established leading to capital gains tax and stamp duty issues. With the Bamford Case enabling the streaming of capital gains, foreign income and franking credits many old deeds were left stranded. The Commissioner released tax determination 2012/21 to cover the amendment of deeds and what and what is not a resettlement. For everyone who has read this, including myself, it is so far different to the resettlement myth that has mad the rounds for decades.In this session Grant Abbott and Ben Gill will look at cases and the ATO determination, review some old deeds and complete two upgrades for advisers to show how it is done legally and effectively.

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