Activity 1. Short answer questions 1.1 Trusts a. In 1-2 sentences, explain the tax reporting obligations of
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Activity 1. Short answer questions 1.1 Trusts a. In 1-2 sentences, explain the tax reporting obligations of trusts. A trust has to have its own Tax file number (TFN) and ABN. A trust must determine its net trust income and lodge a trust tax return (Form T) regardless of the amount of income derived by the trust. b. In a couple of short paragraphs, explain how the income of a family trust is assessed and taxed.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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