Taxman takes aim at trusts

Article Abstract:

Tax lawyer Mark Leibler is pursuing tax commissioner Michael Carmody after he discovered letters that reveal that Carmody may have a bias against trusts. Carmody is also accused of encouraging the government to change the status of trusts. Carmody's goal may be to get the government to tax trusts in the same way that businesses are taxed.

Tax Law, Public Finance Activities, Trusts, Funds, Trusts, and Other Financial Vehicles, Economic policy, Political aspects, Carmody, Michael

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The traps for trusts and companies

Article Abstract:

The proposed tax reform package in Australia can lead to a flight of capital. Business tax advantages are out and there are restrictions and taxes on superannuation. Moreover, foreign companies will also seek to avoid the 36% dividend toll charge. The impact of the package on businesses is discussed.

Business

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Tax family trusts

Article Abstract:

Issues concerning the taxation of family trusts are discussed. The proposals presented by the Howard government on taxing trusts as corporations are examined and the use of trusts to minimise tax liability is assessed.

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