Published on 01 Jul 05
by "AUSTRALIAN TAX FORUM" JOURNAL ARTICLE
This paper considers the meaning of the term ‘spouse’ in the context of s272-90 and s272-95 of the Income Tax Assessment Act 1936 (1936 Act). The circumstances in which a Family Trust Election (FTE) may be required and its effect upon the future distributions of the Trust are outlined in order to demonstrate the trustee’s need for certainty.
The uncertainty inherent in this area of the definition of the family group is explored in the light of various conventions of judicial interpretation and with regard to the possible legislative intent behind the use of the word ‘spouse’ in this context.
The paper concludes that despite the need for certainty current legislation cannot provide certainty and therefore requires clarification.
Van der Velde
Julie Van der Velde, (Sept 2017) CTA was recently awarded the 2017 SME Tax Adviser of the Year and is the founder of VdV Legal, a specialist commercial law practice specialising in taxation law and wealth management structures. Specialising in small and medium business Julie has a particular interest in matters involving intergenerational transfer and business succession.
- Current at
27 September 2017