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IQ Graduate | Trust Fundamentals

Graduate IQ-9. The fundamental concepts and practical issues when dealing with trust clients.

Working with trusts can be confusing and complex. This graduate focussed IQ module explores fundamental concepts and the practical issues you will come across - who pays the tax on trust income, net income v distributable income, franked income earned through trusts, introduction to family trust elections.

This module is available as part of the Accounting Graduate IQ Program.

1.5 CPD Hours (Tax) including Q&As

Accreditation 022409
Total 1.25 CPD Hours

What we cover

How long do I have to complete the course

With practical examples and embedded Q&As, we explore:

Fundamental concepts
Reading the trust deed and definitions of income
Deed defined income variations
Who pays the tax on the trust’s taxable income?
Understanding Section 97 ITAA 1936
Present entitlement
Net income of the trust estate
Income of the trust estate
What does ‘share’ mean in practice
Income of the trust estate
TR 2012/D1 Limit on distributable income
When distributable income differs to net income
When trust law income is different to net income for tax purposes
Non-assessable payment from a trust
Other problems with no trust income
Franked dividends through trusts
What is a family trust?

Each course will remain accessible to you (the registered person) until you access it for the first time. Once accessed (when you click on ‘go to course’) you have 3 months to complete it.

Karen Vella

Tax Training Team Leader, TaxBanter

Karen has over 25 years experience in the tax profession, first as a practitioner and more recently as an educator. She trained with the Big Four and initiated her own successful small practice before moving to Hayes Knight as a Partner.

Prior to joining TaxBanter, she spent many years as a trainer and technical writer for Webb Martin Training, and then most recently TaxBytes. She is also a regular presenter and consultant for Knowledge Shop.

Karen loves to talk tax. She has provided tax training to clients ranging from the Australian Taxation Office to accounting firms, both large and small. Her specialty is translating complex content into something meaningful, engaging and practical for her clients, no matter their level of experience.