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Bamford in the High Court: Short and sweet


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.

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Author Photo - Richard Vann CTA
Prof Richard Vann CTA
Prof Richard Vann, CTA, is Challis Professor of Law at the University of Sydney and a Consultant at Greenwoods & Herbert Smith Freehills. He has also taught at NYU Law School, Harvard Law School and the University of London. He has held many government consultancies in Australia, including the Review of Business Taxation (1998•1999), the Review of International Taxation (2002•2003) and the Australian Taxation Office Public Rulings Panels on international and indirect taxation (1995•2007). Most recently, he has been involved in various Board of Taxation work on managed investment trusts and collective investment vehicles, the attribution of profits to permanent establishments and as a member of Treasury’s BEPS Advisory Group. Richard is the Editor-in-Chief of the IBFD Global Tax Treaties Commentaries now being progressively published online. Current at 17 March 2016 Click here to expand/collapse more articles by Richard J VANN.
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