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End of attention
Prior to the FIF measures the assessable income of a trustee included the share of the net income of a trust estate which related to a period when:
- a beneficiary under a legal disability was a resident of Australia, or
- a beneficiary who was deemed to be presently entitled to a share of the net income of the trust estate, because they had a vested and indefeasible interest in the income of the trust estate, was a resident of Australia. [SUBSECTIONS 95A(2), 98(1) and (2)]
Since the FIF measures a trustee is now not assessed on behalf of a beneficiary of a non-resident trust estate where the beneficiary is under a legal disability as the beneficiary is deemed not to be under a legal disability. However, the beneficiary is assessed under section 97-the general assessing provision for trusts. The beneficiary's own share of the net income of the non-resident trust estate is now worked out under the provisions of section 96C-see the commentary above on section 96C and the FIF measures. [SUBSECTIONS 96B(2), 98(1) and (2)]
Last modified: 08 Jun 2005QC 27386