ATO Page
On the face of it this appears to be welcome news for those that have properties on bare trust.
I must admit I was surprised to see this as if limited recourse borrowing is going to be banned why even bother going to the effort of releasing new rules - unless the intent is to just retrospectively make what has already been practiced in the past acceptable (ie ignoring the bare trust for income tax purposes).
Comment from DBA Lawyers
On the face of it this appears to be welcome news for those that have properties on bare trust.
I must admit I was surprised to see this as if limited recourse borrowing is going to be banned why even bother going to the effort of releasing new rules - unless the intent is to just retrospectively make what has already been practiced in the past acceptable (ie ignoring the bare trust for income tax purposes).
Comment from DBA Lawyers