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ReubenB(Newbie)Newbie
24 Aug 2023

Family Trust has carried forward losses. Looking to shut the trust down. Trust has a loan from 2 beneficiaries. If trust has trading profit and a commercial debt forgiveness in the same financial year, is the trading profit applied to the losses first and then the debt forgiveness dealt with secondly?

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ReubenB(Newbie)Newbie
25 Aug 2023

Legend!! Part 5.10 (c) of the trust deed has the words I am looking for!

Cheers Mate!

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Accounting order for Trust Losses, Profits and Commercial Debt Forgiveness | ATO Community