Published on 01 Oct 06
by "THE TAX SPECIALIST" JOURNAL ARTICLE
The assessment of the net income of a trust estate to a beneficiary by reference to its entitlement to the income of the trust estate creates a number of anomalies especially where the net income includes net capital gains. Practitioners have tried to overcome the problem by, for example, defining the income of the trust estate by reference to its net income and, more recently, beneficiaries have disclaimed their entitelments. However neither method is entirely satisfactory and each requires careful attention to the trust deed.
Terry has focused on advising and appearing for taxpayer and revenue authorities in the Federal Court and High Court and in alternative dispute resolution for over 30 years. He was appointed to be the Special Counsel to the Australian Taxation Office from 2008 to 2010, is a member of Taxation Subcommittee of the Law Council, Chair of the Tax Group Advisory Board, and a Senior Fellow of the University of Melbourne Law School.
- Current at
05 November 2019