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  Miscellaneous 2008

Getting trust distributions right after Cajkusic

Published Date: 25 Sep 2008

 

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Note: This paper was also presented at the Darwin Seminar on 28 November 2008. 

This paper covers issues such as:

  • the concepts of "net income", "income of the trust estate" and "distributable net income"
  • the meaning of Gleeson CJ's obiter in the ANZ Savings Bank case and whether the Cajkusic interpretation is correct
  • the various kinds of income clauses in trust deeds - (a) accounting income, (b) section 95 income and (c) income as determined by the trustee - and the effect of those formulations on tax liability
  • detailed examples of trust distributions involving capital gains, franked dividends, exempt income, rental income, disallowed deductions, and other mismatches between trust income and section 95 income.
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  • Published By: Michael Butler CTA
  • Published On:25 Sep 2008
  • Session Name:Getting trust distributions right after Cajkusic
  • Read Time:30+ minutes

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