You need to read these materials if you provide tax advice to trustees of discretionary, unit, hybrid or testamentary trusts. Whether a trust is fixed or non-fixed is crucial to it being able to pass out franking credits and claim losses. A unit trust is not necessarily a fixed trust for tax purposes. If a unit trust has a superannuation fund as a unit holder, if the unit trust is classified as a non-fixed trust, it will also mean that the distribution to the fund is taxed at 47%. From these materials you may gain insight into the ATO view of the issues surrounding fixed and non-fixed trusts.
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