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Edited version of private advice
Authorisation Number: 1051931317326
Date of advice: 9 December 2021
Ruling
Subject: Assessable income
Question 1
Will you need to include the withdrawn contributions from the Trust in your assessable income?
Answer
No. The contributions to Trust were wages already included in your assessable income in prior years. When the same amount is withdrawn from the Trust, you do not need to include this in your assessable income twice.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You set up the Trust. From November 20XX, your directed employment related contributions be paid into the Trust, including for the income years 20XX to 20XX.
You were later advised contributions should have been assessed to you as salary and wages at the time they were made. Amended PAYG summaries were issued, and you were required to lodge amendments to include the assessable amounts.
You have lodged amended income tax returns for the 20XX to 20XX income years to include the additional assessable income. You will withdraw this same amount from the Trust in the 20XX income year.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 6-5
Income Tax Assessment Act 1997 section 6-10
Income Tax Assessment Act 1997 section 6-25