09 Apr 10
National Tax Liaison Group (NTLG) Trust Consultation Sub-Group
Andrew Mills FTIA (Greenwood & Freehills) and Ken Schurgott FTIA (SBN Lawyers) attended a teleconference of the NTLG Trust Consultation Sub-Group on Wednesday, 7 April 2010. The discussion centred on the Bamford High Court decision. There was general agreement that some quick advice from the ATO is required for those dealing with end of year trust returns - this advice would address a vast majority of circumstances. The group supported the Practice Statement (PSLA 2005/1) continuing for the current year. The ATO were also being encouraged to apply Part IVA where avoidance was apparent rather than interpreting Division 6 to address those cases. However, the ATO was not in a position to give guidance at the meeting - rather they were in listening mode. The ATO requested examples of cases that needed to be addressed. It is possible there will be a follow up meeting.