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17 Dec 10 Taxation Institute in the media

With regard to the Government's announcement on trust tax law reform, the Taxation Institute was quoted in the Australian Financial Review on Friday 17 December 2010: "Labor to fix trusts tax tangle" and "Picking up the pieces".  In the articles we said that the announcement was a fantastic result for tax practitioners as the government was finally taking a positive and comprehensive review.  In talking to the need for reform, we also said that you get to a point where you've amended every part of the law and it becomes a tangled ball of string - you can't actually do anything with it; you have to throw it away and start again.  The recent Bamford High Court case highlighted the need for reform in this impenetrable and complex area of the law, which the courts have been saying for 20 years requires legislative clarification.

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