On 30 March 2010, the High Court handed down judgment in Bamford & Ors v Commissioner of Taxation following the Full Federal Court's decision last year. Previously, the Full Federal Court's found that the terms of a trust deed prevail in determining the "income of the trust" to which beneficiaries are presently entitled and assessed to tax and that the proportionate approach is correct, even if a beneficiary is only allocated a particular sum by the trustee.
This event explained and critically analysed the High Court's decision and reflected back on the history of the provisions going back before Richardson to explain why the issues in Bamford have caused such debate.