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  2010

The ATO's new era for Trusts: The Bamford Decision Impact Statement and its Practical Implications

Source: Western Australia

Published Date: 14 Jun 2010

 
The High Court decision in Bamford has widely been considered to be confined to narrow issues:
  • the meaning of "income of the trust estate"?;
  • the meaning of "?share"? and the application of the proportionate approach.
  • The Tax Office's Decision Impact Statement on Bamford released on Wednesday 2 June 2010 focuses on the Bamford decision but notes there are still a number of issues to be resolved which are fundamental to the taxation of net income of a trust. These issues include:

    • whether "streaming"? works for tax purposes;
    • whether a trust can distribute deemed assessable income;
    • the relevance of financial accounts in determining trust income;
    • the status of other relevant ATO rulings and practice statements.

    This event brought advisers up to speed with the latest Bamford developments.

Practical implications of Bamford on trust distributions

Author(s): Joseph Santhosh
Materials from this session:

Details

  • Published On:14 Jun 2010
  • Took place at:Perth Concert Hall, Perth

The material is copyright. Apart any fair dealing for the purpose of private study,

research critisism or review, as permitted under the copyright Act, no part may be rerpoduced by any process without written permission from The Tax Institute.

Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

This material is copyright. Apart from any fair dealing for the purpose of private study., research, critisism or review, as permitted under teh copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.

Unless expressly stated, opininons are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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