Subsection 3 - What happens if there is more than one transferor?
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 assessable income of a transferor in relation to a non-resident trust estate will include the part of the attributable income of the trust estate relating to the period that the transferor was a resident of Australia. This can have the effect of subjecting more than one person to tax for the same income.
The Tax Office can reduce the amount included your assessable income if there is more than one transferor. When determining the amount of the reduction, the Tax Office takes into account the amount of attributable income of the trust estate that relates to the property or services transferred to the trust estate and to any other matters that are considered relevant. You will need to apply to the Tax Office for the reduction.
Last modified: 05 Dec 2006QC 18000