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  • Is any tax payable by the trustee?



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    The trustee is liable to pay tax on:

    If the beneficiary is presently entitled to a share of the income of the trust estate, not under a legal disability, and is a resident at the end of the income year, then the beneficiary, not the trustee, is taxed on the same share of the net income of the trust.

    If the trustee is liable to pay any tax, print X in the Yes box at this item even if payments have been made in advance. Otherwise print X in the No box.

    The beneficiary or trustee pays tax on the net income of the trust. Net income means the total assessable income calculated as if the trustee was a resident taxpayer, less all allowable deductions, except deductions for net farm management deposits. (For more information, see appendix 11). In the case of any beneficiary with no beneficial interest in the trust corpus, past losses are required to be met out of corpus.

    Request for a non-taxable advice

    If the trustee is not assessed on income and a non-taxable advice is required, provide a request on a separate sheet of paper headed 'Request for a non-taxable advice' and include the trust name and TFN with the details. Sign the request, attach it to the tax return and print X in the Yes box at Have you attached any 'other attachments'? at the top of page 1 of the tax return.

    Last modified: 12 Feb 2019QC 22968