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Trust income and the ATO's position

18 July 2014

To herald the beginning of a new financial year, the Australian Taxation Office (ATO) has released an explanatory fact sheet outlining its approach to income derived from trusts and the application of s100A of the Income Tax Assessment Act 1936 (Cth) which relates to reimbursement agreements.

The document has been drafted in response to feedback from tax practitioners and covers a range of scenarios relating to trusts and trustees including trust estates, ordinary commercial dealing, ordinary family dealing and ordinary commercial/family hybrid trusts.

Beneficiaries should examine the existing structures of their trusts ensuring that compliance with s100A is achieved and the risk of unintentional tax avoidance is negated.

For more information please contact:

Michael Klatt | Partner
Mullins Lawyers
t +61 7 3224 0370
f +61 7 3224 0333
mklatt@mullinslaw.com.au

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