TUtorial 7 - COMPANIES With dividends we must discount...

Info icon This preview shows pages 1–2. Sign up to view the full content.

COMPANIES With dividends, we must discount franking credits. PARTNERSHIP Assets in a partnership are taken to be jointly owned. Income from partnerships are not taxed as an entity but from personal income of the partners. Similarly, losses from a partnership will be deducted from the partner’s own personal assessable income. TRUST The individuals in a trust are the beneficiaries. The tax will occur on the beneficiary level. This is because if the trust pays out all of its income to the beneficiaries, it has no tax as a unit. Losses in a trust remain in the unit and are not passed on to the beneficiaries. Like capital losses, the loss flows on into the next financial year. SUPERANNUATION You are unable to withdraw funds from a superannuation fund unless you meet the conditions of release. FRINGE-BENEFITS Fringe benefits are non-cash benefits to employees. Prior to FBT, employers were not taxed on non-cash items.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Image of page 2
This is the end of the preview. Sign up to access the rest of the document.
  • Three '10
  • FONG
  • Employee Benefit, fringe benefits, FBT

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern