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punitshah(Dynamo)Dynamo
8 July 2022

@atocommunity.in My client is a Trust. It recieved Sec 100 A violation notice after lodging tax return. Here Trust A has done distribution to Individual A which has been invalidated. Now for already lodged ITR can you please confirm my below understanding?


I will need to ammend the lodged trust tax return. I need to tick yes for "Is tax payable by trustee". Now Income will be allocated to "Income to which no beneficiary is entitled". Trust will attract ATO Income tax account. Tax @ 47% shall be paid by trust from its own bank account.

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631 views
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CaroATO(Community Support)Community Support
12 July 2022

Hi @punitshah,

 

Has your client received a notice of amended assessment from us?

 

If so, an amendment isn't needed.

 

True, the higher rate of tax will apply to the trust.

 

We've some fantastic information on our web site that talks about trust taxation - reimbursement agreement.

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