Question: Define the following terms with reference to ITAA36 & case law: . Beneficiaries; . Discretionary trust; . Presently entitled; . Legal disability; . Net income

Define the following terms with reference to ITAA36 & case law:

. Beneficiaries; . Discretionary trust; . Presently entitled; . Legal disability; .

Define the following terms with reference to ITAA36 & case law: . Beneficiaries; . Discretionary trust; . Presently entitled; . Legal disability; . Net income of a trust; . 'earned' v 'unearned' income; . Prescribed person; and . Excepted person

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Law Questions!

Q:

QUESTION 3. TRUST, PRESENTLY ENTITLED, LEGAL DISABILITY, IMPACT OF DEATH In July 2020, John creates a trust, leaving property in the trust for the benefit of his only brother, Jeremy - and his only...

Q:

QUESTION 2 -TRUST, PRESENTLY ENTITLED, LEGAL DISABILITY, IMPACT OF DEATH In July 2018, Jeetendra creates a trust, leaving property in the trust for the benefit of his only brother, Jaskaran - and his...

Q:

QUESTION 3. TRUST, PRESENTLY ENTITLED, LEGAL DISABILITY, IMPACT OF DEATH In July 2020, John creates a trust, leaving property in the trust for the benefit of his only brother, Jeremy - and his only...

Q:

need answer of 5 & 6 in detail according to australian tax standards with cases and sections mentioned. thanks. [14 Marks] Question 5 The Morris Family Trust is a resident discretionary trust with...

Q:

Fred is an employee of Big Bank Pty Ltd, a national banking specialist. On 1 April 2015, Fred takes out a housing loan with his employer for $300,000 at an interest rate of 2% pa. This was a very...

Q:

Fred is an employee of Big Bank Pty Ltd, a national banking specialist. On 1 April 2015, Fred takes out a housing loan with his employer for $300,000 at an interest rate of 2% pa. This was a very...

Q:

Fred is an employee of Big Bank Pty Ltd, a national banking specialist. On 1 April 2015, Fred takes out a housing loan with his employer for $300,000 at an interest rate of 2% pa. This was a very...

Q:

17 Cal.3d 425 (1976) 551 P.2d 334 131 Cal. Rptr. 14 VITALY TARASOFF et al., Plaintiffs and Appellants, v. THE REGENTS OF THE UNIVERSITY OF CALIFORNIA et al., Defendants and Respondents. Docket No....

Q:

The following question is based on the material in Chapter 2 of the textbook Advanced Income Tax Law: Q3. (Trusts - Discretionary distribution) The estate of the Late Olivia Little (died 2015)...

Q:

The following question is based on the material in Chapter 2 of the textbook Advanced Income Tax Law: (Trusts - Discretionary distribution) The estate of the Late Olivia Little (died 2015) derived a...

Q:

For product variation of electrical appliances which series is to be selected in India? Justify your statement automobile related

Q:

What evidence is there that International Financial Reporting Standards are becoming widely accepted around the world? Do you believe that worldwide convergence of accounting standards will end...

Q:

Which one is correct answer?After a data breach, your company quickly forms a team of cybersecurity experts to resolve the issue. The team will disband once the problem is solved. What type of team...

Q:

Drawing on your knowledge of the theory of demand and supply supplemented by appropriate media reports explain what has been happening to the price of electricity in Australia over the last ten...

Q:

On 1 July 2032, Kiwi Ltd, a company based in Auckland, New Zealand, acquired all of the issued shares of Seattle Ltd, an American software development company based in Washington State. The trial...

Q:

Use Java Priority Queue. Make a priority queue to represent customers being served at the Department of Motor Vehicles. Start with 100 customers in a List. In a loop, generate a priority for each...

Q:

Identifying How Machine Learning Can Solve Problems What problem would you like your machine learning model to solve? What output would you like your machine learning model to produce? How will you...

Q:

1. Discuss what you think is meant by the following statements: a) Splitting an egg into half to get two chickens. b) We cannot study time by taking apart a clock.

Q:

5. Give some examples of hidden knowledge.

Q:

3. Try to clarify how you think when you are going to write a note aimed at influencing the leader of the department. Remember, it is not what you think, but how you think that should be clarified....