In Australia, if there are a few beneficiaries and the solicitor who is give an absolute discretion as a trustee
decided to distribute 20% of the net income for the financial year to one of the beneficiaries, is this beneficiary:
- taxed on 20% only,
- taxed on full net income or
- not entitled to tax as he is not presently entitled
Could you please answer this question with some explanations? Thanks.