The focus of this event was trusts. Some members of The Tax Institute may remember the tax poet, Jim Morrison, once saying: "There are things known and unknown and in between are the doors."? The committee believes those words describe very accurately the current position in relation to the taxation of trusts in Australia.
This event examined the things that are known about trusts, and the things that are less understood, in particular, the government's new legislation on the definition of trust income and the treatment of different categories of trust income and gains. As usual, the event concentrated on the practical application of difficult technical matters.