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4 Found helpful • 7 Pages • Essays / Projects • Year: Pre-2021
Part A Division 6 of the Income Tax Assessment Act 1936 requires the ascertainment of ‘net income’ of the trust estate as defined in subsection 95(1) of the Act. The net income of the trust is then assessed to the beneficiary or the trustee depending on whether the beneficiary is presently entitled to the income of the trust estate or is under a legal disability.1 1. Present entitlement of beneficiaries The beneficiaries of the trust being Larry, Angela, Mike, Sue and Trinnie must be presently entitled to receive their share of the trust income. All beneficiaries besides Trinnie are not under a legal disability as they are over the age of 18 as of the 30 June, 2015.2 The trustees binding and irrevocable resolution in regards to allocation of trust income on the 29 June, 2015 results in the beneficiaries’ vested interest and legal right to demand and receive the payment of the income allocated to them.3 1.1. Entitlement of Trinnie Trinnie is under the age of 18 on the last day of the income year, making her eligible to be assessed under Division 6AA.4 This means the trustee will pay tax on her behalf.5
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