I hold OZ citizenship but I have not been living there for sometime. My daughter is studying in Melbourne. All my assets in OZ are placed under family trust account . We did not claim any rebates whatsoever. During the early days we can ring fence on the Capital Gain Tax. Not sure now.Nath21 wrote:Sorry MS dont get your question on putting in trust account. What are you referring to?
Thanks for that but you make me more confused now.Nath21 wrote: Based on the limited information I have presumed that your daughetr is over 18 and that the rest of your family are non-tax residents. If the trust was formed before you left you should have capital gain (deemed disposal of assets) when all the trust members went non-resident so does the trust, hence treated the same as individual. Cpaital gain on deemed disposal should be in the trust and loss can offset this but youy obviously havent made a distributon? so paying high rate of tax in the trust as usually undistrubuted income tax at highest rate.
Users browsing this forum: No registered users and 7 guests