Tax Training – 21/6/24 – Dr Campbell Rankine: Is Present Entitlement Broken? Problems with the Whiting formulation and the Harmer formulation

The Whiting formulation and the Harmer formulation are widely relied upon in determining whether there is present entitlement to the income of a trust. However, there are problems with both of these formulations and this puts in issue common understandings of present entitlement.? Dr. Campbell Rankine will lead the discussion on the problems with the Whiting formulation and the Harmer formulation.

Required Reading:

Harmer v Federal Commissioner of Taxation [1991] HCA 51 – BarNet Jade

Federal Commissioner of Taxation v Whiting s [1943] HCA 45; (1943) 68 CLR 199