TaxRambling.com

In ATOID 2014/3 the Commissioner states that the individual specified in the Family Trust Election must be alive at the time the trustee of the trust makes the election.

He comes to this conclusion after finding the term “individual” is not defined and takes a very loose analysis of the various dictionary definitions. So why is the Commissioner so desperate to conclude the name on a family trust election is a LIVING person???

If you take the biblical view of the world we are all descendant of one man and one women. So if the person on the election could be deceased at the time of the election we should all put Adam or Eve down. Then the family group would cover all of humanity and every entity humanity has ever controlled. The trust loss rules would disappear immediately and distributions could be made to anyone without worrying about Family Trusts Distribution Tax.

I would love to challenge the Commissioners position on whether the person has to be “living” and then whether we are all descendants of “Adam” or “Eve”…