The Impact of Bamford on Trust Deeds and Trust Resolutions

On 30 March 2010 the High Court handed down its much awaited decision in FCT v Bamford [2010] HCA 10.

In response to Bamford on 2 June 2010 the ATO released a Decision Impact Statement (“DIS”) and Practice Statement Law Administration PS LA 201011 which outlines how the ATO will treat the determination of trust income.

Companies, Trusts and Partnerships – Step-by-Step Legal Practice Guide and Precedents has recently been updated to include an informative letter from Greg Vale regarding the need for the review of trust documents following the Bamford decision.

Within this letter he discusses three steps:

STEP 1 – TRUST DEED REVIEW
STEP 2 – CONSIDER AMENDING THE TRUST DEED
STEP 3 – REVIEW THE DRAFTING OF TRUSTEE RESOLUTIONS

This Step-by-Step Guide also includes precedents for deeds of charge, partnerships, joint ventures, shareholder agreements, unit trusts and discretionary trusts.

To view Companies, Trusts and Partnerships – Step-by-Step Legal Practice Guide and Precedents, please click on your state below:

• New South Wales
• Victoria
• Queensland
• South Australia