Minnow Pty Ltd is an Australian resident company that is trustee of a discretionary trust.

Description


Minnow Pty Ltd is an Australian resident company that is trustee of a discretionary trust. During the 2016/17 income year, the trust estate derived $100,000 of interest income from Australian sources and $100,000 of rental income from foreign sources. On 30 June 2017, the directors of the company resolved to distribute one-fifth of the income of the trust estate to each of: Ginger (a 30-year-old Australian resident), Thurston (a 90-year-old foreign resident), Mary-Anne (a 16-year-old Australian resident), and F Co (a company resident in Fiji). No resolution was made in respect of the balance income. Advise how the net income of the trust estate is taxed

Question

Minnow Pty Ltd is an Australian resident company that is trustee of a discretionary trust.

  • Written in: 17-Oct-2019
  • Paper ID: 5916778
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About this Question

STATUS

Approved

DATE ANSWERED

Oct 17, 2019

EXPERT

N/A

ANSWER RATING

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