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Taxation of trust income following Bamford

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 Barrister at Law, Victorian Bar has many years experience in advising on international tax, including structuring of managed funds and other inbound and outbound investments. Philip advises and appears regularly for taxpayers and the Commissioner in both the AAT and Federal Court, including on international tax matters. He also appears in commercial and trust matters in State Courts. Philip is also a contributing author to 2 books (Taxation of Financial Arrangements and Business Tax Reform in Prospect and Retrospect) and has published numerous articles on international tax issues.
Current at 26 August 2011
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