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On 24 October 2012, the ATO issued final Taxation Determination TD 2012/22 entitled "Income tax: for the purposes of s 97(1)(a) of ITAA 1936 is a beneficiary's share of the net income of a trust estate worked out by reference to the proportion of the income of the trust estate to which the beneficiary is presently entitled?"

It was previously released in draft form as TD 2012/D5.

The answer given is Yes, which is consistent with the decision of the High Court in FCT v Bamford [2010] HCA 10.

The Ruling contains 12 examples which demonstrate the relevance of the trust deed and the wording of the trustee resolution to the outcome under the proportionate approach.


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