Advice under development – trust specific issues

We are developing advice and guidance on the following trust-specific issue:

• [4036] Beneficiary's share of the net income of a trust estate – present entitlement [updated]

[4036] Beneficiary's share of the net income of a trust estate – present entitlement

Title

Draft update to TD 2012/22 Income tax: for the purposes of paragraph 97(1)(a) of the Income Tax Assessment Act 1936 (ITAA 1936) is a beneficiary’s share of the net income of a trust estate worked out by reference to the proportion of the income of the trust estate to which the beneficiary is presently entitled?

Purpose

This draft update will amend TD 2012/22 to take account of the decision in Lewski v Commissioner of Taxation [2017] FCAFC 145.

Expected completion

Mid 2023

Contact

Tania Pfeiffer, Private Wealth

Phone: (08) 7422 2129

Tania.Pfeiffer@ato.gov.au

For more information, see the Decision impact statement on Lewski v Commissioner of Taxation [2017] FCAFC 145.