Private ruling: Assessable income
Date of advice: 9 December 2021
Published: March 2022
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will you need to include the withdrawn contributions from the Trust in your assessable income? | A1: No. The contributions to Trust were wages already included in your assessable income in prior years. When the same amount is withdrawn from the Trust, you do not need to include this in your assessable income twice.

Relevant facts and circumstances: You set up the Trust. From November 20XX, your directed employment related contributions be paid into the Trust, including for the income years 20XX to 20XX. You were later advised contributions should have been assessed to you as salary and wages at the time they were made. Amended PAYG summaries were issued, and you were required to lodge amendments to include the assessable amounts. You have lodged amended income tax returns for the 20XX to 20XX income years to include the additional assessable income. You will withdraw this same amount from the Trust in the 20XX income year.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 6-5 | Income Tax Assessment Act 1997 section 6-10 | Income Tax Assessment Act 1997 section 6-25