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Hi Brrrmm, Given settlement won't occur until 2010/11 I would have thought the loan won't be drawn until that year either in which case you won't be able to claim anything in the current year. Cheers Aaron

Just to throw some more information into the mix: 1. Unpaid present entitlements already in existence as at December 2009 will be protected and will not become loans under the new ruling (unless they were always loans by being labelled such in the accounts but I'd hope the majority of...

Hi Jonathon, To the best of my knowledge it's impossible for a standard discretionary trust to obtain the CGT exemption. I am only aware of certain circumstances whereby a Deceased Estate Trust or Testamentary Discretionary Trust can obtain the benefit of the exemption and then only if...

Hi Btc, No need to lodge a tax return where the discretionary trust hasn't derived any assessable income or incurred any deductible expenses. If the trust has a TFN then a 'Form CU - return not necessary' can be lodged by your accountant. Whilst Terryw is correct with his commentary...

Hi Nellybly You are correct that the interest on the $30k will not be tax deductible as the funds drawn were not put towards an income producing purpose. Unfortunately the interest on the additional $60k redrawn on the original loan will also not be tax deductible as the ATO view the redraw...