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Basic principles of trust tax pools
KEY POINTS
- The basic principles of trust taxation under ITA 2007.
- The sequence of income assessment and the applicable tax rates.
- The tax attaching to discretionary distributions to trust beneficiaries.
- Trustees expenses and tax pool calculations.
- Calculating the tax liabilities on interests in possession.
Anyone not dealing with trusts on a regular basis may feel nervous about the subject and this may be particularly the case where tax pools are concerned.
Like many people involved with trusts I think I know the rules but the detail of the calculations is generally left up to my tax software.
This article is therefore written with students in mind but I hope that it will prove as useful a revision for readers generally as it has been for me...
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