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Trust income: a case for construction and reconstruction

Published on 01 Oct 09 by "THE TAX SPECIALIST" JOURNAL ARTICLE

The special rules in Div 6 of Pt III of the Income Tax Assessment Act 1936, which govern the taxation of the taxable income from a trust estate, are deficient in two major respects: key provisions are ambiguous and they are based on the outmoded concept that the taxable income of the trust estate follows the income of the trust estate. Regardless of what their settled meaning may ultimately be, only legislative change can eliminate the practical difficulties that arise where trust income and taxable income are materially different.

Author profile:

Prof Glenton Barton CTA-Life
Glen is a Professor in the Department of Accounting and Finance in the Business School of the University of Western Australia. He is a Barrister and Solicitor of the Supreme Court of Western Australia and former member in the General and Taxation Division of the Administrative Appeals Tribunal, Perth Registry and Life Member of the Taxation Institute of Australia. Current at 01 October 2009 Click here to expand/collapse more articles by Glen BARTON.
 
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