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Instructions for companies, partnerships and trustsFamily trust election, revocation or variation 2012 Election form and explanatory notes for 1 July 2011 30 June 2012WHEN TO USE THE FAMILY TRUST
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How to fill out family trust election revocation
How to fill out family trust election revocation
01
Obtain the revocation form for the family trust election from the relevant authority or legal advisor.
02
Fill in your personal details at the top of the form, including your name, address, and contact information.
03
Clearly identify the family trust for which you are revoking the election.
04
Sign and date the form in the appropriate sections.
05
Submit the completed form to the relevant authority or legal advisor for processing.
Who needs family trust election revocation?
01
Anyone who has previously made a family trust election and wishes to revoke it.
02
Individuals or families who no longer wish to have the tax benefits associated with a family trust.
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What is family trust election revocation?
Family trust election revocation is a process where a family trust that has previously made an irrevocable election to be treated as a family trust for tax purposes chooses to revoke that election.
Who is required to file family trust election revocation?
The trustee or authorized representative of the family trust is required to file the family trust election revocation.
How to fill out family trust election revocation?
Family trust election revocation must be filled out using the appropriate form provided by the tax authorities, and all required information must be accurately reported.
What is the purpose of family trust election revocation?
The purpose of family trust election revocation is to change the tax treatment of the trust and its beneficiaries.
What information must be reported on family trust election revocation?
The family trust election revocation form will typically require information such as the trust's name, tax identification number, date of revocation, and a statement indicating the revocation of the election.
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