FAMILY succession planning has been made clearer and easier following a rethink by the Australian Tax Office.
A June tax ruling has broadened the possibilities under which certain assets transferred between trusts would be exempt from capital gains tax.
It is now possible for parents to set up "mirror" trusts to transfer assets that would normally be subject to capital gains tax - namely property (land and buildings) and shares (in private and public companies) - to nominated beneficiaries.
Basically this is about how to transferring assets from a trust without incurring CGT.
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