identify the clauses of a trust deed which may be relevant to how a trustee works out the trust income for the year, treats receipts during the year, and deals with the income of the trust
identify trust income, distributable income and net income as defined, and: prepare an effective draft resolution to distribute income; apply the proportionate approach to work out who is liable to tax on the taxable amount; and ensure that specifically entitled beneficiaries are taxed appropriately on their entitlement
work out how the tax liabilities will change if the Commissioner disallows a deduction or outgoing and the net income of the trust is increased
work out the likely consequences for a distribution if a beneficiary disclaims their present entitlement to trust income.
A case study illustrating how the proportionate approach under s. 97(1)(a) of the ITAA 1936 operates:
on the wording of the trustee resolution making a beneficiary presently entitled to trust income
when the ATO increases the net income of a trust.
when the trustee resolution allocates specific types of income to particular beneficiaries.
This training will be presented by one of TaxBanter’s experienced Tax Trainers.
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