Using PIA for a family trust

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From: Apprentice Millionaire


Hi all,

I have followed Dale GG's advice and set up a family trust, which now holds an investment property. All subsequent properties will be bought in the trust's name.

So I was wondering how I should work with PIA in this case. How do I set up data when I consider the next acquisition? How do I interpret the info when I cannot input an income for the trust (apart from the rental income, I guess).

Any help/info/advice gratefully accepted!

Cheers
Apprentice Millionaire
 
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From: Webmaster (Somersoft)


PIA calculates tax credits/liabilities using the tax scale specified by the user. In most cases this is simply the standard tax scales that wage earners are subject to. If the entity is taxed in a different way (e.g. a company or super fund), the tax scale can be modified to suit. I can't give you any tax advice regarding trusts (check with Dale) and can help you with what the appropriate scale should be.
 
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