Trust distribution to Minor who turns 18 in tax year

[redsquash]

How is a trust distribution taxed for a minor who on June 12 turns 18.
Minor threshold $416 when tax kicks in .


How is this recorded on the trust tax return?. I am looking at item B Non primary production . There doesn't seem anyway to do this if pro-rata ?

 

[coastymike]

when was the trust distribution resolution recorded ?

 

[Paul@PFI]

Trust income can only be made by resolution in most instances (deed dependant). Some trusts do not need a resolution. Those that a referred to a family trusts usually do. The Trust income can arise throughout the year and be distributed at a point in time. ie 30 June. Sometimes timing strategies are needed eg
- Child becomes adult
- Change of residency
etc

It would be normal that a person aged 18 can receive a distribution subject to the deed including that person as a potential beneficiary. The relevant code for the Trust Distribution needs a V code that is appropriate for that beneficiary. This also means TFN disclosure must be satisfied too !!

 

[Rob G.]

A prescribed person is an individual who is less than 18 years of age at 30 June