Australia: Discretionary trusts
Last Updated: 25 July 2011

Following the decision of the High Court in Commissioner of Taxation v Bamford [2010] HCA 10, the Commonwealth Government has enacted the Tax Laws Amendment (2011 Measures No. 5) Act 2011 (Cth) to clarify the law, for tax purposes, in relation to the streaming of franked dividends and capital gains to beneficiaries from discretionary trusts. The legislation also targets anti-avoidance rules.

If you have a discretionary trust, you may be affected by this legislation. We recommend that you seek advice from your tax advisor and also ensure that a review of your trust deed is carried out to determine whether it is compliant.

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