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 Vann, CTA is Challis Professor of Law at the University of Sydney and has taught at Harvard and NYU Law Schools and the Universities of Amsterdam, London and Oxford. Richard has worked in the past at the IMF and OECD and held many Government consultancies in Australia and elsewhere. He has been a consultant for specialist tax firm Greenwoods & Herbert Smith Freehills since 1985. Richard specialises in corporate and international taxation on which he has published widely both in Australia and internationally.
Updated by Kathy Xu for 6th VIC Tax Forum
- Current at
07 May 2018