Passing the baton -trusting into the future

[27] Eg Part IV Administration and Probate Act 1958 (Vic).

[28] See sections 272-80(5A), 272-80(6), (6A),(6B) ff

[29] Sections 272-90 and 272-95 inserted by Tax Laws Amendment (2007 Measures No 4) Bill 2007

[30] Section 271-15(1)

[31] Sections 272-45, 272-50 , 272-55 and 272-60.

[32] Sections 271-15, 271-20, 271-25 and 271-30.

[33] See the cases cited regarding “resettlements” and also Grahame Young: “Splitting Trusts – three years on” Taxation In Australia (Blue Journal) 40/4 (October 2005) p 187.

[34] Discussed below

[35] In Queensland, for example the combined effect of sections 65 and 72 of the Trusts Act 1973 prevents the trust instrument from limiting the trustee’s right of indemnity.

[36] Section 149-15(1) Income Tax Assessment Act 1997

[37] Ibid, but see the Commissioner’s discretion to allow indulgence under section 149-30(2) and IT 2340.

[38] Sections 272-5(2) and 272-65 of Schedule 2F to the Income Tax Assessment Act 1936

[39] Section 104-10(1) Income Tax Assessment Act 1997