The Full Federal Court recently handed down a much anticipated decision in Bamford v Commissioner of Taxation (“Bamford”). This case deals with the foundation upon which beneficiaries of trusts should be assessed for tax purposes, which has been a strongly contested topic for some time.
Although the decision in Bamford is a favourable one, for clarifying the taxation treatment of trust distributions, it is important to note that the decision may be subject to change as both the Commissioner and the taxpayer have sought special leave to appeal the matter to the High Court of Australia.
Click for full article: Bamford' Case
