Dear Members,
In the Trust return for the current year, we have a capital gain, that has been set off against the current year's tax losses and the previous year's tax loss and we have a surplus.
but the client said not to distribute to beneficiaries under the relevant label and instead asked to assess to the trustee at 49%.
But my question is if we don't distribute this surplus we have a validation error?
Or else can we lodge it as it is and whether ATO automatically charges 49% tax in the hands of the individual?
Thank you,
Sachin De
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326 views2 replies
2 replies
326 views
2 replies