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Getting trust distributions right after Cajkusic paper

Published on 25 Sep 08 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

Note: This paper was also presented at the Darwin Seminar on 28 November 2008. 

This paper covers issues such as:

  • the concepts of "net income", "income of the trust estate" and "distributable net income"
  • the meaning of Gleeson CJ's obiter in the ANZ Savings Bank case and whether the Cajkusic interpretation is correct
  • the various kinds of income clauses in trust deeds - (a) accounting income, (b) section 95 income and (c) income as determined by the trustee - and the effect of those formulations on tax liability
  • detailed examples of trust distributions involving capital gains, franked dividends, exempt income, rental income, disallowed deductions, and other mismatches between trust income and section 95 income.

Author profile:

Michael Butler CTA
Michael is the Partner in charge of the Finlaysons Tax & Revenue Group. Michael advises domestic and foreign clients on federal, international and state tax matters, and has a special interest in mining and property taxation, corporate restructurings, international tax issues, and estate and succession planning. Michael is the Visiting Lecturer in Tax at the University of Adelaide Law School, and is a regular contributor to The Tax Institute events. Current at 19 March 2015 Click here to expand/collapse more articles by Michael BUTLER.
 

This was presented at Tax Issues with Modern Trusts.

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