Has the trust received a listed investment company (LIC) capital gain amount?
If the following persons or entities are beneficiaries and the trust claimed a deduction in respect of a LIC capital gain amount, the trust must advise these beneficiaries of their share of the deduction claimed by the trust for the LIC capital gain amount: • non-resident individual • trustee of a trust • trustee of a superannuation entity • company (including a life insurance company) • partnership. Is a beneficiary presently entitled to a share of the income of a trust? If resident beneficiaries are presently entitled to a share of the income of a trust and are not under any legal disability, it is the beneficiaries, who are assessed. The beneficiaries are assessed on that same proportional share of the net income of the trust as the share of the income of the trust estate to which they are presently entitled. A beneficiary is deemed to be presently entitled to income of a trust if they have an ‘indefeasible vested interest’ in that income. An indefeasible interest is simply one that
