Published on 01 May 10
by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
The High Court in Bamford confirms the Federal Court decision that subs 97(1) adopts the proportionate view. A beneficiary is thus taxed on the same proportion of net income as the proportion of trust law income to which the beneficiary is entitled. It also confirms that trust law income is not a fixed and immutable concept – its meaning derives from trust law and may be changed by the trust deed.
Richard J VANN
Current at 23 October 2012
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