Government to update and rewrite trust tax laws – consultation process announced
On 16 December 2010, the Assistant Treasurer announced a public consultation process as the first step towards updating the trust income tax provisions in Div 6 of Pt III of the ITAA 1936 and rewriting them into the ITAA 1997. He said that, in developing an initial consultation paper for release in the first part ...more
Tax experts challenge ATO on unpaid trust distributions; ATO agrees to test case
Four of Australia’s leading professional tax and accounting bodies (The Institute of Chartered Accountants in Australia, National Institute of Accountants, Taxation Institute of Australia and Taxpayers Australia), representing over 100,000 accountants and tax advisers, have united to call for sweeping reforms of the antiquated laws governing the taxation of trusts. The professional bodies believe the ...more
The Bamford case: initial reactions from the tax industry
On 30 March 2010, the High Court unanimously dismissed the appeals by both the Commissioner and the taxpayers in Bamford & Ors v Commissioner of Taxation. It confirmed that it is correct to apply the “proportionate view” where the net income of a trust for tax purposes exceeds its accounting income. The Court also upheld ...more
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