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 98(1). Is that correct?
Given that the beneficiary, is not liable to lodge a tax return, you can't recoup the tax liability from the trustee.
Something seems wrong with this approach?
Regards
Stressed
However, the trustee is liable to pay the tax above $416 under section 98(1). Is that correct?
Given that the beneficiary, is not liable to lodge a tax return, you can't recoup the tax liability from the trustee.
Something seems wrong with this approach?
Regards
Stressed