We are wanting to wind up our family trust and transfer its assets (shares) to one of the trust's directors. Is this possible without any tax implications?
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Is this possible without any tax implications?
A trust does not have directors - it has beneficiaries.
If the trustee is a company, then the trustee has directors.
A CGT rollover is usually not possible for disc trusts, but there are some exceptions.
https://www.ato.gov.au/law/view/view.htm?docid=EV/1051487251413&PiT=99991231235958
Most likely there will be a CGT disposal by the trust, and CGT acquisition by the director - both at market value.
You should get proper advice before doing anything.
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Is this possible without any tax implications?
A trust does not have directors - it has beneficiaries.
If the trustee is a company, then the trustee has directors.
A CGT rollover is usually not possible for disc trusts, but there are some exceptions.
https://www.ato.gov.au/law/view/view.htm?docid=EV/1051487251413&PiT=99991231235958
Most likely there will be a CGT disposal by the trust, and CGT acquisition by the director - both at market value.
You should get proper advice before doing anything.
Thanks Bruce. I did mean beneficiaries, not directors. Is the advice the same ie most likely a CGT event when the trust winds up, and a CGT event when the assets are transferred to the beneficiaries? And is transfer the correct term here?
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