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  2010

Does streaming trust income still work? The ATO's New Era for Trusts The Decision Impact Statement on Bamford

Source: New South Wales

Published Date: 17 Jun 2010

 
On 30 March 2010, the High Court handed down its judgment in Bamford & Ors v Commissioner of Taxation. The High Court decision in Bamford has widely been considered to be confined to two narrow issues:
  • the meaning of "income of the trust estate"?
  • the meaning of "share"? and the application of the proportionate approach
The ATO's Decision Impact Statement on Bamford released on Wednesday 2 June 2010 treats the Bamford decision as raising many other issues which are fundamental to the taxation of trusts. These issues include:
  • whether franking credits can form part of distributable income
  • whether other notional amounts can form part of distributable income
  • whether "streaming"? works for tax purposes
  • the relevance of financial accounts in determining trust income.
The Decision Impact Statement also explains what ATO rulings and practice statements will be withdrawn or altered as a result of their now public views.
  • This event discussed the impact on the drafting of distribution minutes for the current financial year and into the future.

Bamford

Author(s): Lance Cunningham CTA
Materials from this session:

Details

  • Published On:17 Jun 2010
  • Took place at:Swissotel Sydney, Sydney

The material is copyright. Apart any fair dealing for the purpose of private study,

research critisism or review, as permitted under the copyright Act, no part may be rerpoduced by any process without written permission from The Tax Institute.

Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

This material is copyright. Apart from any fair dealing for the purpose of private study., research, critisism or review, as permitted under teh copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.

Unless expressly stated, opininons are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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