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Thank you Dale, we now seem to have found some common ground and this discussion can move on. It seems certain that some HDTs will not pass and a clear answer is unlikely before 2007 tax returns have to be lodged. You are only confident in the Chris Batten and MGS deeds but...

Ok then does anyone have ideas or advice on how people with HDTs should prepare their 2007 ITRs? Is it better to just claim up to the amount of income rather than risk the ATO high rate of interest if amendments have to be made later. etc. Any discussion?

Does this mean we won't have an answer we can rely on in a matter of weeks?

This is a direction I wanted to head in earlier. Does anyone have a trust deed that is different from PBR 66298 that they think will over come the problems and what is that difference?

Mry, I went to the NTAA seminar the month before the one you went to. When I asked him Matthew said that TR 95/33 and Fletchers case was a concern but what could he do if clients demand a HDT all he was doing was providing us with what he considered the best deed. How did he come...

Because of PBR 28993 I had to admit there was some merit in HDTs much as they worried me as the dominant reason seemed to be a tax benefit once you got to the stage that the discretionary beneficiaries started to receive distributions. So I considered my view to be conservative in that I...

My comments are no more speculative than Dale’s statement that some will fail (maybe even “fear mongering”) and some will pass or that Chris will have a clear answer very soon. So Dale please stop your very unprofessional and unhelpful personal criticism. I would like to carry on with this...

Perhaps this forum is the ideal place to do our due dilligence, particularly that excellent link from Mry to the NTAA web site. Hybrids have always been a hot topic here why should we stop discussing them now?

Hi Mry, Where you at that Seminar in March? I was the women down the front in red that sent that HDT solicitor scurrying when I mentioned Fletchers case and TR 95/33. I never did get the bottle of wine for the best question. Anyway I was just reading TR 2007/D2 on all these...

Dale, What concerns us is the HDT in the ATO ruling seemed to have all the good clauses discussed on this forum. Is there anything not in the clauses listed in the ruling that you think may save a HDT?

James, I think most people are aware that it is only one particular type of trust deed, but they are surprised that the deed contains all the things they thought were necessary and are struggling to find something more that may appease the ATO, hence the frenzy of discussion. If...

Dale and James, Please do not feel I have posted the information about the PBR as a personal attack on you, for which you have to retaliate. I posted the information because I know we are all interested in learning everything we can about what the ATO thinks regarding HDTs. Surely you...

Twitch, I still just get a bleeping sound. Maybe my access to the forum is limited in some way.

That is right Dale, I reluctantly agreed, (with faith only in a conservative version) but Iam relieved that I managed to find a better way for my clients based on their particular circumstances. The NTAA got me to the stage of feeling I should let my clients take the risk if they were fully...

You are absolutely right Rolf and I give them a rev on this when ever I get the chance. But it is not the case this time. The HDT knockers weren't just being wet blankets we had real concerns that people just didn't want to hear. I was talking to a solicitor who was promoting HDTs and...

I am not usually one to support the ATO, but it hasn't changed its mind. Fletchers case and TR95/33, over 10 years ago, pointed out that if it is clear your intent is not to eventually make a profit out of the investment then you only get a deduction equal to the income. There have been many...

And if it isn't that flexible there is no point in having the HDT.

Yep and a lot cheaper too.

Alexlee, That is why we have a private ruling system. Did you get one before you entered into the arrangement? Dale is going to write an article for API as soon as things are a bit clearer.

Alexlee, The ruling is the ATO's interpretation of the law and does not contradict anything else they have said so it does not change the law in anyway. This is how the ATO will apply it to the past returns you have lodged.