A Matter of Trusts
Taxation in Australia Journal
In part 2, we will discuss the significanceof s 174 ITAA36 and the question as to whether an “assessment” has been made (and therefore the retention obligation under s 254 is enlivened), the High Court decision in FCT v Prestige Motors Pty Ltd2 (Prestige Motors) and the application of PS LA 2012/2. For simplicity, for the purposes of this article, we limit our discussion to application to Australian resident trusts with assets in Australia.
Download the full paper to continue reading: Personal liability of a trustee to tax on trust income: part 2