Foreign Trusts

Tax

Recent development in the taxation of trusts

Amanda Guruge, June 16 2022

This article was originally published in CCH iKnow. Tax is always changing, and over the last year there have been monumental shifts in trust tax law that changes the way practitioners have understood the law for many years. The key with all of the following changes to our understanding of trust tax law is that they impact trustee resolutions and...

Tax

Do I need to pay tax on foreign trust distributions?

Amanda Guruge, August 20 2021

In a more globalised world (despite bans on international travel), we more commonly see taxpayers receiving distributions from foreign trusts – and not understanding whether they are taxable in Australia. Firstly, you need to understand the characterisation of the distribution – are the amounts corpus or income?