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  1. E

    Family tax benefit rules are up the creek

    It only comes into effect for the 2009-2010 financial year.
  2. E

    Family tax benefit rules are up the creek

    Well it looks like they are making a start and cracking down on it a bit this year with a change to the definition of income: http://www.familyassist.gov.au/New/2009/Pages/Changestothedefinitionofincome.aspx Total Net Investment Loss The Family Assistance Office already includes net...
  3. E

    Family tax benefit rules are up the creek

    Agreed, neither losses made by the trust itself nor losses made by the individual (due to the interest costs of investing in the trust) are added back by Centrelink. :)
  4. E

    Family tax benefit rules are up the creek

    Hi Francesco, the difference in this case is that it is a Hybrid Trust so the loss is not in the trust itself but a loss to the individual. The trust has made a profit and distributed the income to the individual at Item 13U, but since the loan is in the individuals name the interest (which...
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    Family tax benefit rules are up the creek

    Hi Regrow, I've been through this before and what the ATO and Centrelink are telling you is correct, the accountant you spoke to is wrong. It all comes down to where the information is recorded in your tax return: If the property is held in the individuals name the income is entered at Item...
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