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Just got off the phone from ATO and they said if a discretioanry trust distributes $2667 to a beneficiary (under 18 - minor) and has no other income, the beneficiary is not liable to pay tax due to the low income rebate. However, the trustee is liable to pay the tax above $416 under section...

Hi, Does anyone know the journal entry for franking credits received by a discretionary trust (or anything when there is a difference between accounting profit and taxable income)? DR ?? CR Franking Credits (P&L) Cheers GG.

Hi all, Is it possible to lend money to a trust interest free, then get that trust to invest in a term deposit payign interest and stream that income to other family members? If so, how would this be different if I borrow money from a bank at say 6%, onlend to the trust at say 1% thereby...

Hi, if there are say three appointors in a family trust and one dies, does this constitute a resettlement of the trust? If so, is the whole trust assets subject to CGT or a third of the value subject to CGT?

Is my understanding correct in relation to non-resident trusts? 1. When return to Australia (originally from Australia) and become a resident again, trust assets don't trigger a CGT event if they are taxable Australian assets (i.e. property based in Australia)? 2. Whilst it remains a...

Hi all, I am in the process of transferring by way of gifting 2 investment properties (basically neutral cashflow) to a family trust with corporate trustee. In order to protect as best as possible the "alter ego" argument and avoiding the route of appointing an external independent person...