Family Trust Losses

Question

Family Trust Losses

 · Accepted Answer

Bruce4Tax · Answer

The trustee company for the family trust was closed in 2018 If you mean that the company was deregistered, and new trustees were not appointed at the time as set out in the terms of the trust deed, then there is no trustee. Generally no trustee, or no trust assets, means that there is no longer a trust in existence. You need legal advice to determine whether the trust still exists. If so, then using the losses is covered by https://www.ato.gov.au/General/Trusts/In-detail/Family-trusts---concessions/ consultancy/lecturing? That sounds like PSI, so check PSI rules https://www.ato.gov.au/Business/Personal-services-income/What-to-do-when-the-PSI-rules-apply/Claiming-deductions-when-receiving-PSI/

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