This session provided an overview of the application of s 99B to the taxation of trusts by working through a number of practical examples and demonstrating the sometimes uncertain application of sections 99B(1), 99B(2) and 99C.
The session also:
- Explored the Commissioner’s view in TD 2017/24 and the ‘hypothetical taxpayer’
- Examined the ‘corpus exception’ (and the ‘exception to the exception’)
- Reviewed the circumstances when an asset will be ‘applied for the benefit’ of a beneficiary under section 99C; and
- The ATO’s proposed draft Practical Compliance Guideline (PCG) will also be discussed if it is released before the Forum is held.