Upon completion of this training, you will be able to:
explain why it is important to distinguish between fixed and non-fixed trusts and list the tests which apply to them when recouping tax losses
list the requirements which a trust must satisfy before it can make a family trust election (FTE) and explain when an FTE takes effect, when it may be advantageous and whether and when it can be revoked
explain the difference between the family of the test individual and the family group of the primary individual specified in the FTE and give examples
explain when an entity would make an interposed entity election (IEE) and when it should not
identify the circumstances when the income injection test needs to be considered.
the general rules for deducting a tax loss in a trust
establishing the nature of the trust (fixed or non-fixed)
working out the rules applicable to that type of trust
if losses are not recouped are they lost forever?
when making a family trust election or interposed entity election is not possible /is essential
This training is presented by one of TaxBanter’s experienced tax trainers.
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