The ATO’s new era for Trusts: The Bamford Decision Impact Statement and its Practical Implications
Published on 14 Jun 2010
| Took place at Perth Concert Hall, Perth, WA
The High Court decision in Bamford has widely been considered to be confined to narrow issues:
- the meaning of “income of the trust estate”;
- the meaning of ”share” and the application of the proportionate approach.
The Tax Office’s Decision Impact Statement on Bamford released on Wednesday 2 June 2010 focuses on the Bamford decision but notes there are still a number of issues to be resolved which are fundamental to the taxation of net income of a trust.
These issues include:
- whether “streaming” works for tax purposes;
- whether a trust can distribute deemed assessable income;
- the relevance of financial accounts in determining trust income;
- the status of other relevant ATO rulings and practice statements.
This event brought advisers up to speed with the latest Bamford developments.