If there was a tax loss: it would be available to the single Absolutely Entitled Beneficiary, if section 106-50 applied; and it would be trapped in the Trust Estate and would not be available to any of the multiple Beneficiaries, if section 106-50 did not apply. Please note that the author does not agree with the ATO interpretation of section 106-50 with respect to multiple Beneficiaries. However, the purpose of the above comments is to suggest that, if section 97 is correctly applied, the section 106-50 be as big an issue as it is made out to be. issue mightn’t In other words, Bamford has pointed to a solution to the section 106-50 debate as well.
If there was a tax loss: it would be available to the single Absolutely Entitled Beneficiary, if section 106-50 applied; and it would be trapped in the Trust Estate and would not be available to any of the multiple Beneficiaries, if section 106-50 did not apply. Please note that the author does not agree with the ATO interpretation of section 106-50 with respect to multiple Beneficiaries. However, the purpose of the above comments is to suggest that, if section 97 is correctly applied, the section 106-50 issue mightn’t be as big an issue as it is made out to be. In other words, Bamford has pointed to a solution to the section 106-50 debate as well.
Ian_Gray_Solicitors_submission.docx