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The ATO could not introduce apportionment as new material in the court case. I wonder why they did not use it in the tribunal ? However, quite often, they will keep the issue simple to get a clear decision on a particular point. Cheers, Rob

Its just badly drafted. Check out IT2589, which interprets the explanatory memorandum. Cheers, Rob

Interestingly, the ATO does not apply s.51AAA to general investors who hope to make a capital gain in addition to their income from distributions. Therefore, at least in the case where a unit holder cannot control a trust, who cares who gets the capital gains ? If you purchase the income...

Shame the issue of apportionment was not decided though ... Cheers, Rob