TRUSTS DOWN UNDER: LEADING THE WORLD, OR LAGGING BEHIND?

Transcription

1 STEP 2014 Australasian Conference May 2014 InterContinental Hotel, Sydney, TRUSTS DOWN UNDER: LEADING THE WORLD, OR LAGGING BEHIND? Conference programme focus: Capacity a judicial perspective Digital assets and the elderly client International wealth structuring and estate planning Trustees misbehaving The disgruntled beneficiary Trusts in business (commercial) International trust regulation and domestic side winds The development of indigenous trusts in Trusts as vehicles for private wealth management Keynote speakers: Anthony Molloy QC Senator the Hon. George Brandis QC The Hon. Dyson Heydon AC QC Registration fees: EARLY BIRD Standard RATE* rate** STEP Members AUS$1,265 AUS$1,595 Non-Members AUS$1,485 AUS$1,815 * Registration and payment received on or before 28 March 2014 ** Registration and payment received after 28 March 2014 All registration fees include GST. Registration fees do not include the cost of accommodation or breakfast which, if required, should be arranged with the InterContinental Hotel separately. Conference language: English Solicitors who attend this conference are generally able to claim 1 CPD point for each hour of the conference programme itself; that is, not including time spent in social activities such as dinner. Because of the varying rules concerning CPD hours in each State and overseas, delegates should enquire of their own professional body(ies) to determine the number of CPD hours or points to which they are entitled from the conference Book online at

2 STEP 2014 AUSTRALASIAN CONFERENCE TRUSTS DOWN UNDER: LEADING THE WORLD, OR LAGGING BEHIND? Why attend this conference It is with pleasure that we invite you to the inaugural STEP Australasian Conference, discussing Trusts down under: leading the world, or lagging behind? This conference will bring together practitioners from both Australasia and around the globe, to consider trends and developments in the trust industry. The two-day programme offers a number of great sessions exploring capacity and the vulnerable client, trusts in the courts and trusts in business, as well as trusts into the future. With a panel of more than 20 prestigious international speakers and keynote speeches from Anthony Molloy QC, Senator the Hon. George Brandis QC and The Hon. Dyson Heydon AC QC, this is an event not to be missed! We look forward to welcoming you to this exciting international conference. The STEP Australasian Conference Committee 2014 About the organiser STEP is the worldwide professional association for practitioners dealing with family inheritance and succession planning. The Society helps to improve public understanding of the issues families face in this area and promotes education and high professional standards among its members. STEP has 19,000 members across 80 jurisdictions from a broad range of professional backgrounds, including lawyers, accountants, trust specialists and other practitioners in this area. STEP members help families plan for their futures, specialising in a wide range of activities, from drafting a relatively simple will to more complex issues surrounding international families, protection of the vulnerable, family businesses and philanthropic giving. For further information, visit or step@step.org Join STEP before 30 June 2014 From 1 July 2014, any person wishing to join the Society of Trust and Estate Practitioners (STEP) in will need to demonstrate their competence via certificated learning. Before this date, you can simply send a CV detailing your trust and estate experience with your membership application form in order to join. So don t delay, join now before the entry routes change! Over the past two years, STEP membership in has grown by 31%, increasing our member network all the time. Join the Society to become a part of this network, putting you in contact with lawyers in London, trust officers in Hong Kong, accountants in New York and more than 19,000 practitioners around the globe. Visit to find out more and download the application form For further information contact the conference team on +44 (0) or conferences@step.org Register online to secure your place at

3 Conference programme 5:00 7:00pm Wednesday 28 May 2014 Pre-Conference Cocktails Treasury Room, InterContinental Hotel Day 1: Thursday 29 May :30am 8:50am 9:00am 9:20am Registration and coffee Welcome from STEP Chair David Russell AM QC TEP, Chair, STEP Opening Address The Attorney General of, Senator the Honourable George Brandis QC, KEYNOTE ADDRESS Trusts down under: Leading the world, or lagging behind? Anthony Molloy QC TEP, Shortland Chambers, New Zealand Capacity and the vulnerable sessions (Capacity) 10:00am Capacity a judicial perspective Justice Julie Ward, New South Wales Court of Appeal, 10:50am Morning tea 11:20am 12:10pm 1:10pm 2:10pm Death, incapacity and digital assets: Challenges for clients and their advisers Julia Abrey TEP, Withers LLP, UK What are digital assets and who owns them? Getting access on death and incapacity Structures and ideas to avoid problems What the future holds Panel discussion: Practice and procedure in guardianship and administration tribunals and the principles of natural justice Richard Neal TEP, Teece, Hodgson & Ward Solicitors, Peter Worrall TEP, Worrall Lawyers, Susan Fielding TEP, Jackson McDonald, Jan Redfern, Principal Member NSW Civil and Administrative Tribunal (Guardianship Division), Lunch Trusts in the courts sessions (Litigation) International wealth structuring and estate planning Robert Gordon TEP, Pointon Partners, Pre planning income & inheritance tax issues for: Incoming residents Outgoing residents Outgoing investors Use of companies & trusts in low tax jurisdictions The problems and challenges when you fail to plan effectively Recent legislative developments in UK and elsewhere, and recent cases 3:00pm 3:50pm 4:20pm 5:10pm 6:00pm 7:00pm Trustees misbehaving Carolyn Sparke SC TEP, Owen Dixon Chambers West, Removing trustees: Family trusts Charitable trusts Trustees who have lost capacity Requirements for change of trustees Recent cases Afternoon tea The disgruntled beneficiary Professor Gino Dal Pont, Professor of Law, The University of Tasmania, Right to access documents held by a trustee Trustee minutes, advices and reports, financial information Superannuation funds Day 1 close Pre-dinner drinks James Cook Ballroom, InterContinental Hotel Conference dinner James Cook Ballroom, InterContinental Hotel Day 2: Friday 30 May :00am 8:35am 9:25am Registration and coffee Trusts in business session (Commercial) Sham Trusts revisited The Hon Justice Tony Pagone, Federal Court of Raftland s Case What is a sham? Part sham Emerging sham Sham and shamer The strange case of the beneficiary entitlement Dr Campbell Rankine TEP, Solicitor, A summary of the juridical nature of an unpaid present entitlement (UPE). Common errors in practice The nature of a present entitlement The problem of double-entry accounting Issues between subrogated creditors and beneficiaries who have defeasible (or absolute) beneficial interests The continuing problem of trust splitting and resettlements The Taxation Commissioner s response The CGT confusion Current tax law Proposed tax law The inevitability of an entity tax

4 Speakers Biographies Julia Abrey TEP 10:15am 10:50am 11:40am 12:40pm 1:50pm 2:40pm 3:00pm 3:30pm 4.30pm 5.20pm 5:30pm Morning tea Revisiting detriment in promissory estoppel Michael Heraghty TEP, Lockhart Chambers, What are the current principles applying to detriment? What detriments are relevant? How to distinguish relevant and irrelevant detriments Recent cases Trusts into the future Panel Discussion: International trust regulation and domestic side winds George Hodgson, STEP Worldwide Bill Ahern TEP, Family Capital Conservation, Hong Kong David Russell AM QC TEP, Wentworth Chambers, Lunch The development of indigenous trusts in Adam Levin TEP, Jackson McDonald, The unique trust and tax law challenges The interface between native title benefit trusts and Aboriginal tribal law Commentary on A Levin s presentation on The development of Indigenous trusts Peter Whitehead TEP, The Myer Family Company, Afternoon tea Panel discussion: Trusts as vehicles for private wealth management Michael Vrisakis, Herbert Smith Freehills, Greg Drew, Ninth Floor Selborne Chambers, Peter Whitehead TEP, The Myer Family Company, KEYNOTE ADDRESS Modern fiduciary liability: the sick man of equity? The Hon. Dyson Heydon AC QC, 8th Floor Selborne Chambers,, Closing summary Neil Wickenden TEP, HLB Mann Judd (NSW) Pty Ltd, Day 2 close Register online today at Julia Abrey TEP is a partner of Withers LLP and a leading practitioner in Court of Protection work in the Chambers 2013 and Legal Her practice focuses on probate, succession and post-death planning, trust management and contentious probate issues. She has a particular interest in elder law and the Court of Protection. Bill Ahern TEP Bill has over 20 years experience in Hong Kong and elsewhere in Asia in helping families deal with complex tax, succession and legacy issues. He established Family Capital Conservation Limited (a Hong Kong Company) in June 2008 to focus on providing independent and strategic advice to families and intermediaries in complex tax, succession and legacy planning. Senator the Hon. George Brandis QC George Brandis, QC, is the 36th Attorney-General of and has been a Liberal member of the n Senate representing Queensland since May Brandis has served as the Attorney General of in the Abbott Government since 18 September Professor Gino Dal Pont Professor Dal Pont has previously held the roles of lecturer, senior lecturer and associate professor at the University of Tasmania Law School. He is currently Professor at Utas Law School and General Editor of Halsbury s Laws of. Greg Drew Gregory Drew was admitted as a solicitor in NSW in 1992 and as a barrister in He is currently practising primarily in the areas of general commercial & equity, financial services (managed investment schemes, insurance & superannuation) and Corporations Act, including substantial investor class actions. Susan Fielding TEP Susan Fielding TEP is a Special Counsel and Jackson McDonald. She is a highly experienced lawyer in the area of succession planning, wills and probate, trusts, administration of deceased estates, estate litigation and guardianship. She is currently a member of the Working Group set up by the Western n Attorney General to review the succession laws in Western and the Chair of STEP Western. Robert Gordon TEP Robert Gordon TEP is a consultant with Pointon Partners which he joined in late 2012 after 20 years at the Sydney and Melbourne Bars. He practises in all areas of tax with a special interest in international tax. Michael Heraghty TEP Michael Heraghty TEP is a Barrister practicing primarily in the areas of tax, trusts and commercial law. He is a member of the Taxation Institute (). The Hon J D Heydon AC QC The Hon J D Heydon AC QC practised at the Bar as a junior from 1979 and as Queen s Counsel from 1987 until 2000, when he was appointed to the New South Wales Court of Appeal. He was a Justice of the High Court of from February 2003 to March He has written various textbooks and monographs on evidence, equity, trade practices law, restraint of trade and economic torts. George Hodgson George Hodgson is Deputy Chief Executive at STEP. Prior to joining STEP he held a senior policy position at the Association of British Insurers and has also served on the staff of the Treasury Committee of the UK House of Commons. Prior to moving to public policy work Mr Hodgson had a career in investment banking that spanned over 20 years.

5 Speakers Biographies Adam Levin TEP Adam Levin TEP is a partner in the firm of Jackson McDonald in Perth Western. He has over 15 years experience in commercial and taxation law, including State and Federal taxation, commercial transactions, trusts, charities and not-for-profits, estate and succession planning. Anthony Molloy QC TEP Anthony Molloy QC TEP has been a barrister sole since 1969 and Silk since His areas of practice include administrative & constitutional law / public law, charity law, deceased estates, equity, partnership law, religion and the law, trust and probate litigation and wills and trusts. Richard Neal TEP Richard Neal TEP has been in practice as a solicitor in NSW since 1973, and is a partner in the firm of Teece Hodgson & Ward, Sydney. He has presented seminars and workshops, and also participated in panel discussions in the areas of wills and estates law, powers of attorney, guardianship and advanced care directives from 1985 onwards. These presentations have included extensive current case law outlines. He is the co-author of Mason and Handler, Succession Law and Practice NSW and of Hutley s n Will Precedents, 8th Ed. Justice Tony Pagone Justice Tony Pagone was appointed to the Federal Court of in June Prior to this appointment, he was a judge of the trial division and the judge in charge of the Commercial Court of the Supreme Court of Victoria. Justice Pagone was appointed Queen s Counsel for Victoria in During his career at the Bar, Justice Pagone practiced widely in taxation law, commercial law, administrative law, constitution law, public and human rights law. Dr Campbell Rankine TEP Dr Campbell Rankine TEP is a solicitor specialising in taxation law. He has practised law for the past 32 years, specialising in revenue law, with an emphasis on taxation of cross-border transactions, stamp duty, superannuation and eligible termination payment advices, often advising other law firms and accountants. Prior to admission he practised for 14 years as a Chartered Accountant. He is Chairman of the South n branch of STEP and a Director of STEP. Jan Redfern PSM, B.Ec, LLM Jan Redfern has over 30 years experience in legal practice and has worked in both the private and public sectors. In 2007, she was awarded a Commonwealth Public Service Medal for outstanding public service in the field of corporate and financial services regulation and enforcement. Jan was appointed as a part-time Senior Member of the Commonwealth Administrative Appeals Tribunal in In 2010 she was appointed a part-time Legal Member of the New South Wales Guardianship Tribunal and was appointed part-time Deputy President in She has been appointed Principal Member of the NSW Civil and Administrative Tribunal (Guardianship Division) from David Russell AM RFD QC TEP Carolyn Sparke S.C. LLB; B.Sc TEP Carolyn Sparke S.C. LLB; B.Sc TEP is a barrister who practices in general commercial work with a speciality in trusts and deceased estates. She is member and retiring chair, Firearms Appeals Committee, an appeals tribunal constituted under the Firearms Act. Carolyn is an Advocacy Instructor with the n Advocacy Institute as well as an accredited Advocacy Coach, n Bar Association. She is a member of STEP. Michael Vrisakis Michael Vrisakis has more than 20 years experience in financial services, superannuation and insurance. Michael s primary area of focus and expertise is on the regulation of retail financial services and products and in particular strategic regulatory advice. He is a recognised expert in the area of non-contentious regulation and is regularly nominated a leading practitioner in this space. He was most recently named as a leading practitioner in the area of regulation in Best Lawyers Justice Julie Ward Justice Julie Ward was admitted as a solicitor of the Supreme Court in Following graduation, Justice Ward worked as the associate to Sir Nigel Bowen, the first Chief Justice of the Federal Court and also Stephen Jaques Stone James (now King & Wood Mallesons). Justice Ward was made a partner of Mallesons in Her Honour was appointed to the Supreme Court of New South Wales in September She was the first female solicitor directly appointed to the Supreme Court bench. She sat in the Equity Division of the Court, until her appointment to the Court of Appeal in November Peter Whitehead TEP Peter Whitehead TEP joined the Myer Family Company in September Peter has 37 years experience in the trustee industry and prior to joining was the National Manager Fiduciary Solutions at Perpetual. Peter was the CEO at Public Trustee NSW from 2001 to He has extensive legal experience at a corporate and client level in all aspects of trustee advice and litigation. Neil Wickenden TEP Neil Wickenden is a partner of HLB Mann Judd NSW, chartered accountants, where he leads the firm s tax division. He practises in all areas of taxation advice and compliance principally for SME s and high net worth families, including extensively in trusts and estates. He is a member of STEP and The Taxation Institute (). Peter Worrall TEP Peter Worrall TEP is the founding Director of Worrall Lawyers in Tasmania, an eight lawyer firm, six of whom work in the Estate Practice Group. He is Chair of the Tasmania Branch of STEP, a Director of STEP, Chair of the Legal Aid Commission of Tasmania and a Notary Public. Peter is the author of the Estate planning chapter in n Succession Law published by Thomson Reuters, and has written over 20 papers on Estate Planning, Succession, Taxation and Trusts. David Russell AM RFD QC TEP, barrister at law, is admitted to practice in, England and Wales, the Courts of the Dubai International Financial Centre, New Zealand and Papua New Guinea. David has served as a member of the Ministerial Consultative Committee for the Tax Law Improvement Project from 1994 to 1997 and as a member of the Steering Committee for the National Review of Standards for the Tax Profession in 1993 and From 1991 to 1995 he was a member of the National Tax Liaison Group. He is currently Chairman of STEP.

6 STEP 2014 AUSTRALASIAN CONFERENCE TRUSTS DOWN UNDER: LEADING THE WORLD, OR LAGGING BEHIND? Register online and secure your place today at InterContinental Hotel, 117 Macquarie Street, Sydney NSW 2000 Registration and payment options Register online at Title: Surname: First Name: Please note - all invoices for this conference will be issued in AUS$. We are unable to supply invoices in any other currency. Credit/Debit cards (Mastercard & VISA only) Register online and select the credit card payment option. You will receive an confirmation of your booking, containing your receipted invoice. All payments made by credit card will be debited in AUS$ at the rate of exchange used by your card provider. Bank Transfer Register online and select the bank transfer payment option. You will receive an confirmation of your booking containing your invoice. Payment can then be made using the bank details supplied on your invoice. Please ensure a remittance advice is sent to accounts@step.org All bank charges must be covered by the submitting account. Cheque Register online and select the cheque payment option. You will receive an confirmation of your booking, containing your invoice. Cheques must be crossed and made payable to ʻSTEP Conferencesʼ and sent with a copy of your invoice to the address provided. If you are unable to register online, please complete the details below and send with your cheque to STEP Conferences, Artillery House (South), Artillery Row, London SW1P 1RT, UK. Please do not send the form below if you have already registered online. Conference registration fees Please tick corresponding box. Conference fees include social functions. Preferred Name on Badge: Firm: Department: Job Title: Postal Address: Country: Tel No: Mobile Tel No: Tick this box if you do not wish to receive SMS from STEP (please note that STEP will not charge you for any SMS messages sent to you). Access/Dietary Requirements: PLEASE NOTE: We may not be able to cater for any access/dietary requirements that are not made known to us at least 10 working days prior to the event Accommodation STEP Members Early bird rate* AUS$1,265 Standard Rate AUS$1,595 Non-Members Early bird rate* AUS$1,485 Standard Rate AUS$1,815 The conference will take place at InterContinental Hotel, 117 Macquarie Street, Sydney NSW Registration fees do not include the cost of accommodation or breakfast which, if required, should be arranged with the hotel separately. STEP Membership number All registration fees include GST. Registration does not include the cost of the accommodation or breakfast. * To receive the early bird rate registration and payment must be made on or before 28 March 2014 Cancellations/Substitutions Cancellations must be received in writing to conferences@step.org at least seven days prior to the conference and will be subject to an administration fee of AUS$90. Please ensure your notification includes all relevant information regarding the bank account to which a possible refund may be remitted. It is regretted that cancellations made after this time will not be accepted and the delegate will be liable for the full conference fee. Substitutions may be made at the time provided the organisers are notified prior to the conference. Please note that if a non-step member attends in lieu of a STEP member the difference in fees will be charged. Terms and Conditions Conference documentation will be distributed at the event. STEP reserves the right to amend or cancel this conference where the occasion necessitates. In the event of cancellation a full refund of any registration fee will be made but STEP shall accept no further liability. Prices may be subject to change. This booking form constitutes a legally binding contract. The delegate and firm are jointly and severally liable for payment of the fees due. The conference language is English. Data Protection Members of STEP are able to update their mailing preferences any time at login. Non Members; if you do not wish to receive future mailings/ s from STEP, with details of our forthcoming events and programmes, please tick this box Please note: we will not pass on your information to third parties, any mailings/ s you receive will be regarding STEP events and programmes T: +61 (0) Bookings T: Conference delegates will receive a special rate of $290 per room per night. To receive the special rate visit Resweb.do?mode=welcome_ei_new&eventID= Social functions Please note the following social functions are included in the delegate rate. Wednesday 28 May 2014 Welcome drinks reception Guest ticket for welcome drinks AUS$85 Thursday 29 May 2014 Pre-Dinner Drinks Conference Dinner Guest ticket for conference AUS$135 Please state where you heard about this conference (you may state more than one source):