On 30 March 2010, the High Court handed down its judgment in Bamford & Ors v Commissioner of Taxation. The Full Federal Court had previously held that the terms of a trust deed prevail in determining the "income of the trust" to which beneficiaries are presently entitled and assessed to tax. The Full Court also confirmed that the proportionate approach was correct, even if a beneficiary is only allocated a particular sum by the trustee. The High Court's decision sets the scene for a very interesting period in the taxation of trusts landscape. This event considered the questions now facing the Commissioner and explained the possible options available to the ATO as a result of the judgment. This event also examined the practical implications of the decision for accountants and other tax specialists.
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