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Taxation of trust income following Bamford

Taxation in Australia | 1 Aug 09
 
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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.

Author profile

Dr Philip Bender ATI
Philip is a barrister at the Victorian Bar practising in federal and state taxation and superannuation. He acts for both taxpayers and revenue authorities and has appeared in a number of leading cases in these fields. Philip is also the author of Bender’s Australian Stamp Duties, a book published by The Tax Institute dealing with stamp duty in all Australian jurisdictions. - Current at 26 June 2019
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