The Resource Trust streaming post-Bamford

Trust streaming post-Bamford

Trust streaming post-Bamford
Trust streaming post-Bamford
The High Court decision in the Bamford case in 2010 raised uncertainty about the operation of the provisions in tax legislation which confer "flow-through" status on capital gains and franked dividend amounts appointed to specific beneficiaries of trusts. The government's response was to enact amending legislation designed to ensure that, for the 2010-11 and later income years, where a trustee has the power to appoint or stream capital gains and/or franked distributions (including any attached franking credits) to specific beneficiaries, this will be effective for tax purposes. This article examines in detail how the new provisions work and provides examples. It is pointed out that the calculations necessary to work out who is assessable on what part of a capital gain or a franked distribution that has been streamed to a particular beneficiary are highly complex, and the timing rules will put significant pressure on trustees and their advisers
Citation source
In: Taxation in Australia. - Sydney. - Vol. 46 (2012),
Allerdice, R
Language note
  • trust
  • case law
Trust streaming post-Bamford

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