Legislative changes flowing from the March Treasury discussion paper Improving the Taxation of Trust Income are to be enacted before 30 June 2011. Those changes are directed at the "streaming"? of capital gains and franked distributions and also to providing certainty for trusts involved in primary production. They represent the first stage in a two-stage "post-Bamford"? process.
This event put the proposed changes into context and provided a practical analysis on how they will operate, highlighting the more important issues for practitioners emerging from the exposure draft legislation and particularly require attention before 30 June 2011. The concentration was on the CGT and franked distribution provisions.