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Simon Tucker

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ATO CELEBRATES BAMFORD ANNIVERSARY WITH A DRAFT RULING ON TRUST INCOME - TR 2012/D1

Today marks the two year anniversary since the five judges of the High Court of Australia handed down its much publicised decision in the Bamford case. The key element of this decision was the question of what is meant by the five words “income of the trust estate” in tax provisions that determine how trustees and beneficiaries are taxed. 

One year and 364 days PB (i.e. “Post Bamford”) the Australian Taxation Office (“ATO”) have released their own interpretation as to what the Commissioner believes the High Court of Australia really meant, in the form of Draft Taxation Ruling TR 2012/D1 (the “Draft Ruling”). The Draft Ruling discusses the meaning of the term “income of the trust estate” and provides a number of illustrative examples.

Decision Impact Statement released on FCT v H

The ATO has released its Decision Impact Statement (DIS) in relation to the Full Federal Court’s decision in FCT v H [2010] FCAFC 128; 2010 ATC 20-218.

Islamic Banking: Challenges and Opportunities in Australia

On 13 October 2010, the Board of Taxation (the “BOT”) released a discussion paper entitled “Review of the Taxation Treatment of Islamic Finance”.  The discussion paper was released subsequent to the Government’s request for a review ‘in order to ensure that Islamic financial products have parity with conventional products, having regard to their economic substance’.

The Small Business and General Business Tax Break – Your Questions Answered!

Please find below the answers to some of the questions that our clients have raised about the proposed small business and general business tax breaks announced in the Treasurer’s press release dated 3 February by the Rudd Government that we had clarified with Treasury.


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