Trusts and Trust Losses – Everything You Need to Know – The 2016 Queensland Tax Forum

Damian O'Connor, CTA, is the Managing Principal of the
specialist taxation firm Tax + Law. Here he tells us a little more about
himself, and the session he is co-presenting with Paul Banister, CTA at the 2016 Queensland Tax Forum; 'Trusts and Trust Losses – Everything You Need to Know'.

“I started work with the ATO in 1974 and moved into private
legal practice in 1998. Along the way I have had exposure to just about every
tax issue there is. The challenge of getting my head around complex tax rules
and providing practical advice to clients still gets me out of bed in the morning”,
Damian told us.

Asked what attendees can expect to learn from his session with Paul,
he said "Often the tax consequences arising from discretionary trust dealings
can depend on trust law considerations. This session will explore some of those
trust law issues, with a focus on some major cases over the last 10 years".

Common SME structures, too often trusts are used incorrectly
or are assumed to be something they are not. Co-presented with Paul Banister,
CTA (Grant Thornton), the session will be delivered from two perspectives,
looking at what should be included in a trust deed, as well as important trust
tax law cases, and what they mean in practice. Damian and Paul will also
discuss resettlements, variations and vesting, tax accounting for trusts and
what should be considered in family trust and interposed entity elections.

Damian said "Given the wealth held in discretionary trusts
by clients, and the estate planning and business succession challenges we face
as professional advisers, we need an understanding of some of the trust law
issues that are being considered by the courts. This session will provide a
practical framework for navigating some of these complexities when clients need
practical advice about dealing with discretionary trusts".

Damian has been a Fellow member of The Tax Institute since
2003, progressing to Chartered Tax Adviser (CTA) status, attending his first
Institute events “way back in the last century”. Asked which other sessions he
was looking forward to at the Forum, he said “The session on Division 7A and
UPEs should be very interesting, as Division 7A is an ongoing challenge for
professional advisers”.

As for a life outside of tax, Damian replied "I enjoy
getting to the football when I am in Melbourne, taking in some Queensland
sunshine when I get the chance and to the great embarrassment of my wife
Jackie, I have been learning to play the Ukulele”.

The 2016 Queensland Tax Forum takes place 18-19 August at the Brisbane Marriott
Hotel. Choose from 28 sessions over two days and a range of flexible ticket
options with up to 13.5 CPD hours on offer. 
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