Income tax: trust vesting – consequences of a trust vesting
|This Ruling explains the Commissioner’s views about the immediate income tax consequences of a trust vesting and discusses certain issues that can arise when the vesting date of a trust is mistakenly thought to have been extended.|
CGT small business concessions: unpaid present entitlements and the maximum net asset value test
|This Ruling sets out the Commissioner’s views on how an unpaid present entitlement (UPE) of a beneficiary connected with a trust is treated for the purposes of working out whether the trust satisfies the maximum net asset value test in section 152-15 of the Income Tax Assessment Act 1997|
Meaning of income of a trust estate
This ruling is about the meaning of the expression ‘income of the trust estate’ as used in Division 6 of Part III of the Income Tax Assessment Act 1936 and related provisions.
Capital gains tax: consequences of creating life and remainder interests in property
|This Ruling is about the capital gains tax (CGT) consequences of creating life and remainder interests in property (whether between living persons – inter vivos – or by testamentary provision) and of any subsequent dealings in those interests.|
|This ruling explains the circumstances in which a beneficiary of a trust is considered to be absolutely entitled to a CGT asset of the trust as against its trustee.|
Penalty tax and trusts
discusses who may be liable to penalty tax when there is an incorrect statement about the net income of a trust estate; and
provides guidelines on how the Commissioner’s discretion to remit penalty tax may be exercised where both the trustee and a beneficiary of the same trust may be liable in respect of the same matter.
This Ruling considers the meaning of ‘business’ of ‘primary production’ in the Income Tax Assessment Act 1997. It provides a guide to the indicators that are relevant to whether or not a person is carrying on a business of primary production. It also indicates the extent to which the Australian Taxation Office is able to provide further guidance to taxpayers on this question with private rulings.
Resident beneficiary of a non-resident trust : credit for Australian withholding tax
This Ruling considers whether a resident beneficiary of a non-resident trust estate is allowed a credit for Australian withholding tax under section 18-30 in Schedule 1 to the Tax Administration Act 1953 (TAA) where:
Withholding tax liability of non-resident beneficiaries of Australian trusts
This Ruling considers:
This ruling is about determining present entitlement to income through the stages of administration of a deceased estate.