Changes to Children's Trust Distributions
05-Dec-2011The ATO has changed the low income tax offset for minors. For the financial year ended 30 June 2011 you can distribute trust income of $3,333 to minors without paying tax. From 2012 onwards this will be reduced to $416. This means that if you previously distributed income to your children you may have an additional $1356.40 tax to pay for each child you distribute to – so unfortunately you will need to budget for more tax to pay.
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