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Bamford – The Decision: High Court hands down judgment in Bamford & Ors v Commissioner of Taxation

Published on 13 Apr 2010 | Took place at Intercontinental Adelaide, North Terrace Adelaide , SA

On 30 March 2010, the High Court handed down its judgment in Bamford & Ors v Commissioner of Taxation. The Full Federal Court had previously held that the terms of a trust deed prevail in determining the "income of the trust" to which beneficiaries are presently entitled and assessed to tax. The Full Court also confirmed that the proportionate approach was correct, even if a beneficiary is only allocated a particular sum by the trustee. The High Court’s decision sets the scene for a very interesting period in the taxation of trusts landscape. This event considered the questions now facing the Commissioner and explained the possible options available to the ATO as a result of the judgment. This event also examined the practical implications of the decision for accountants and other tax specialists.

Individual sessions

Bamford - The decision

Author(s):  Peter SLEGERS This presentation examines the practical implications of the Bamford decision for accountants and other tax specialists. This will include traps and trips when drafting trust distribution minutes, what to look for when reviewing trust deeds, how to best manage discrepancies between tax net income and distributable income and dealing with discount capital gains in trusts.

Materials from this session: