In its interpretative Decision ATO ID 2008/2, issued on 11 January 2008, the Australian Taxation Office (ATO) expresses a view that a Dutch pension fund constituted as Stichting is a trust for the purposes of Australian tax law. The Interpretative Decision deals with an issue of the availability of a discount under the capital gains tax rules, which is available to individuals, complying superannuation funds, life insurance companies and trusts. To determine whether the discount is available, the ATO considers the by-laws of the Stichting to determine whether the essential elements which give rise to a trust relationship are present,...