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Taxation of trusts consultation paper released

21 December 2011

The Assistant Treasurer has released a consultation paper in relation to the proposed reform of the rules dealing with the taxation of trust income. This announcement follows the High Court’s decision in the Bamford Case and the interim trust streaming measures which apply from 1 July 2010.

The consultation paper raises a wide range of problems that are currently faced by practitioners and clients when dealing with trusts. The Government’s primary focus will be trying to solve the issues that currently arise when there is a discrepancy between trust law income and taxable income.

Treasury has outlined a number of potential options for improving the operation of the law and are seeking submissions by 10 February 2011.

 

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This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.

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