The ATO has published a Decision Impact Statement in relation to the AAT decision in Hopkins and FCT  AATA 324; 2012 ATC 10-249. The case concerned the assessment of the net income of a discretionary trust.
The AAT found that the trustee of the discretionary trust had not made a valid resolution to distribute the income of the trust by 30 June of the relevant years.
As a result, the default distribution clause operated to deem the income of the trust to have been paid or applied for the benefit of 46 default beneficiaries (including the taxpayers whose assessments had been amended) in equal shares.
As the taxpayers were only assessable in the relevant income years on a 1/46 share of the trust's net income, the AAT found that the amended assessments were excessive.
The Decision Impact Statement states that the Commissioner agrees that, on the AAT's finding of fact, the amended assessments were excessive.