| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of your written advice
Authorisation Number: 1012817043593
Ruling
Subject: trust income
Question
Is the capital gain made by the trust included in your assessable income?
Answer:
No
This ruling applies for the following period:
Year ended 30 June 2014
Year ended 30 June 2015
Year ended 30 June 2016
Year ended 30 June 2017
The scheme commences on:
1 July 2013
Relevant facts and circumstances
You are a beneficiary of a trust situated overseas.
You are not entitled to any distribution of capital from the trust.
The trust made a capital gain upon the sale of a property located overseas.
You did not receive any distribution from those proceeds.
Relevant legislative provisions
Income Tax Assessment Act 1936 Section 97
Reasons for decision
Your assessable income includes amounts of net income from a trust to which you are presently entitled: Section 97 of the Income Tax Assessment Act 1936.
In this instance, you are not entitled to receive any distribution of capital from the trust, therefore you cannot be presently entitled to that class of income and it is not included in your assessable income.