Trusts 2013

The meaning of income of the trust estatein Div 6

Source: Taxation In Australia Journal Article

Published Date: 1 Jun 2013


In March 2012, the Commissioner of Taxation released a draft taxation ruling, TR 2012/D1, which is about the meaning of the expression “income of the trust estate” in Div 6 of Pt III of the Income Tax Assessment Act 1936 and related provisions. This article examines the issues that arise from the draft ruling. The article first discusses the background in statute and case law, then moves to the content of the draft ruling for a detailed examination of the principles supporting or otherwise the conclusions reached by the ATO. Based on that analysis, the author concludes that the draft ruling should be withdrawn in its entirety, and redrafted and reissued (if at all) to accord with judicial authority, take into account the ongoing broader review of trust taxation, and should apply prospectively from the operative date of any changes to statute law and/or practice resulting from that broader review.

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Trusts 2013

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