Taxation of trust income following Bamford
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Publication date: 01 Aug 09
Source: "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
Abstract:
The Full Federal Court recently handed down its judgment in Bamford v Commissioner of Taxation [2009] FCAFC 66, a case dealing with certain aspects of the taxation of trusts under s 97, Income Tax Assessment Act 1936 (ITAA36). The Bamford case considered two important issues regarding trust taxation; namely, the method by which a beneficiary’s share of the trust’s taxable income is determined and whether a trust deed can modify the “income of the trust estate” to which a beneficiary is presently entitled for tax purposes. This article examines the reasoning in the Bamford case and its effect in clarifying these aspects of the taxation of trust income.
Author profile:
Dr
Philip Bender
Philip is a Barrister.
Current at 01 August 2009
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