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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.

Individual sessions

Practical implications of Bamford on trust distributions

Author(s):  Joseph SANTHOSH This paper covers:

  • background
  • action to take for 2009/10 income year or 2010/11 and later income years.
Materials from this session: