Tuesday, May 1, 2012

Bamford’s case: ATO draft ruling and our 6 articles on the case


Belinda Thalakada, Customer Service

Many of our customers enquire about:
  • the effect of Bamford's case on Cleardocs Discretionary Trusts;
  • the change to the laws regarding streaming provisions for trusts; and
  • the ATO's view of the phrase "income of the trust estate" as expressed in its draft ruling TR 2012/D1.
The good news is that articles in our ClearLaw newsletter (see links in table below) specifically address these queries — both for customers with existing Discretionary Trusts and for those of you thinking about setting up a Discretionary Trust.
Since 2009, our lawyers at Maddocks have written 6 articles for our ClearLaw newsletter covering the evolving issues around Bamford's case.  The articles are listed in the table below, with links to where you can read the full article.
The latest article, in April 2012, is about the ATO’s view on the meaning of the phrase "income of the trust estate" as expressed in its draft ruling TR 2012/D1.
Our lawyers at Maddocks monitor developments in the law regarding trusts to make sure our deeds are compliant, up to date, and are as flexible as possible.
Trusts with Cleardocs deeds?
Maddocks outlines the position for:
You can order a Cleardocs Discretionary trust from us online here. You will need to log in first. If you are not yet signed up as a Cleardocs customer, then you can register with us here for free.
The Maddocks articles on Bamford's case
For the full story on Bamford's case, here are the 5 Maddocks articles in order — with the most recent one, about the new (June 20911) law, at the top.
Date of ClearLaw Bamford's case article
Bamford's event triggering article
Bamford's case article topic
April 2012

ATO draft ruling

July 2011
The new law in response to Bamford's case
March 2011
Government Discussion paper in response to Bamford's case
July 2010
ATO responds to High Court decision in Bamford's case
April 2010
High Court decision in Bamford's case
June 2009
Full Federal Court's decision in Bamford's case
Guide to the differences between types of trusts: discretionary, hybrid, unit (fixed and non-fixed)
Our lawyers at Maddocks have also written articles explaining the differences between the different types of trusts Cleardocs provides. You can read a guide with:
Order a Discretionary Trust online
You can order a Cleardocs Discretionary trust from us online here. You will need to log in first. If you are not yet signed up as a Cleardocs customer, then you can register with us here for free

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