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Taxation of trust income following Bamford

Published on 01 Aug 09 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

The Full Federal Court recently handed down its judgment in Bamford v Commissioner of Taxation [2009] FCAFC 66, a case dealing with certain aspects of the taxation of trusts under s 97, Income Tax Assessment Act 1936 (ITAA36). The Bamford case considered two important issues regarding trust taxation; namely, the method by which a beneficiary’s share of the trust’s taxable income is determined and whether a trust deed can modify the “income of the trust estate” to which a beneficiary is presently entitled for tax purposes. This article examines the reasoning in the Bamford case and its effect in clarifying these aspects of the taxation of trust income.

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Philip BENDER
Current at 07 December 2011 Click here to expand/collapse more articles by Philip BENDER.
 

 

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