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Tax highlights

12 June 2012


Tax highlights, 4 June 2012In this week’s Tax highlights we feature:

  • Court cases on trusts: Two court decisions have been handed down over the past week concerning the tax treatment of trusts:
    • Greenhatch: The Full Federal Court has held that, for the purposes of the former capital gains tax (CGT) discount rules, only a proportion of the amount to which the beneficiary was presently entitled was attributable to a capital gain made by the trust
    • Hopkins: The AAT has held that the taxpayer beneficiaries were not presently entitled to the income of a trust estate because there was no evidence that a valid resolution regarding the distribution of trust income had been made by the trustee by the end of the relevant income years.
  • ATO Rulings: Several final tax determinations have been released. To note is a tax determination explaining when income tax of a private company is a ‘present legal obligation’ for the purposes of the deemed dividend rules.

Plus we provide our synopsis of the latest tax-related cases, legislative developments, announcements and ATO information and releases.


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