The issues relating to the taxation of trusts are arguably the most critical aspect of the trust structure. The combination of ongoing, often fundamental, changes to taxation legislation, and the approach taken by the Tax Office and courts, given the vast amounts of wealth accumulated within trusts, have meant that all advisers must have a deep understanding of the rules relating to the taxation of trusts. The range of fundamental issues that need to be considered in relation to the taxation of trusts is both vast and evolving.