Abolishing Trust Cloning

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The Government has announced that it will remove the ‘trust cloning’ exception which disregards any capital gains arising when a taxpayer:

creates a trust over a CGT asset by declaration or settlement; or
transfers a CGT asset to an existing trust.

The exception, generally, applies when the new trust and old trust have the same terms and beneficiaries.

For more information, please contact this office.

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Please contact our nearest office if you would like more information on this topic.

Bentleys Chartered Accountants and Business Advisors has offices in:

Australian capital cities Sydney, Melbourne, Brisbane, Adelaide, Perth, Canberra

Regional and suburban Dubbo, Gosford, Ipswich, Maroochydore, Newcastle, Tamworth

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