April 2022 Round Up - Can a beneficiary disclaim a trust distribution?

Can a beneficiary disclaim an entitlement to a trust distribution? We look at the final High Court decision. And, can you claim a deduction for gym expenses if staying fit is related to your job? Plus, where are we at with the tax-free status of COVID-19 grants following the Budget announcement?

Members, download the full April 2022 Tax Round Up (login first) from the member-only website. To see what Knowledge Shop membership offers, call the team on 1800 800 232 or take an online tour.

Inside this month Michael Carruthers (Tax Director, Knowledge Shop) and Matthew Tse (Tax Adviser, Knowledge Shop), and Lisa Armstrong bring you:

• Disclaiming an entitlement to a trust distribution - FC of T v Carter & Ors [2022] HCA 10 - we explore the final decision by the High Court on whether it is possible for beneficiaries to disclaim their entitlement to trust distributions after the end of an income year (with the result that they are not assessable on the income).
• Can your client claim a deduction for their gym membership? London v FC of T [2022] AATA 644. We explore why maybe is the answer according to the AAT.
• Where are we at with the tax-free status of COVID-19 grants following the Budget announcement?

Change is a constant for the profession. The Knowledge Shop membership can help you and your team keep ahead of change with an advisers' help desk, workpaper knowledge base, quarterly PD, and more - wherever you are and however you are working. Book in a time for a tour or call the team  on 1300 378 950.