It will be on the net income of the Trust after allowable deductions.
Mary-Josays: 11 June 2013 at 10:57
Thanks for the quick reply. Where can I find out what the allowable deductions for Trusts are?
TaxTimsays: 11 June 2013 at 12:47
Trusts can deduct amounts related to income they earn in the same way as a business. So expenses related to income earning activities. However the trust must be paying tax or earning income itself in order to claim deductions and not distribute amounts to the beneficiaries.
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