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Unfrankable Distributions from Share Capital Account: A distribution is unfrankable if it is sourced, directly or indirectly, from a company’s share capital account. 3 This applies to distributions that constitute a reduction or return of share capital, even if labelled as a dividend. 4 The definition of a share capital account includes an account a company keeps of its share capital, or any other account where the first amount credited was share capital. 5 Therefore, any portion of a selective buyback that is a return of share capital cannot be franked.
Benchmark Franking Percentage: A corporate tax entity franks a distribution by allocating a franking credit to it. 6 The benchmark franking percentage is a key concept in determining the maximum franking without penalty. If an entity franks a frankable distribution at a percentage that exceeds its benchmark franking percentage for the franking period, it is liable to pay over-franking tax. 7 This effectively sets the benchmark franking percentage as the maximum franking allowed without incurring a penalty.
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If a trustee has a power to change the beneficiaries under a trust and exercises that power, does it cause a CGT event to occur?
In Short: A trustee's valid exercise of a power to change beneficiaries under a trust generally does not cause a Capital Gains Tax (CGT) event to occur, specifically CGT events E1 or E2, unless the change terminates the existing trust and creates a new one, or causes an asset to be held under a separate charter of obligations.
Relevant Legislation: Income Tax Assessment Act 1997 (Cth), s 104-5 — provides a summary of CGT events, including E1, E2, E5, E6, E7, E8, and A1.
Relevant Case Law and Ruling: TR 2018/6 — confirms that amending a trust's vesting date through a valid exercise of power in a trust deed or court approval does not trigger CGT event E1.
CGT Events E1 and E2: A change in the terms of a trust, including the addition or exclusion of beneficiaries, pursuant to a valid exercise of a power in the trust deed, will generally not cause CGT event E1 or E2 to happen.
CGT Event E5: CGT event E5 occurs if a beneficiary becomes absolutely entitled to a CGT asset of a trust as against the trustee. For a beneficiary to be absolutely entitled, they must have a vested and indefeasible interest in the entire trust asset and the right to call for its transfer.
CGT Events E6 and E7: CGT event E6 happens if a trustee disposes of a CGT asset to a beneficiary in satisfaction of an income right, and E7 happens for a capital right.
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Cyter Tax comes pre-loaded with every major piece of Australian tax legislation, the full library of ATO rulings across all 8 ruling types, and a comprehensive database of Federal Court, High Court, and AAT tax decisions.
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Most AI tools that get used for tax work were not built for tax. They are general-purpose chatbots that happen to have read some tax content. Cyter is the opposite — it was designed from the ground up for Australian tax research, with the corpus, the citation discipline and the workflow shaped around how tax professionals actually work.
The biggest time sink in most tax matters is not the analysis — it is the research that comes before it. Finding the relevant section. Cross-checking the ATO ruling on point. Confirming whether a recent case has changed the position. Writing up the answer with footnotes that hold up under review.
AI for tax compresses that. Instead of an hour digging through legislation and ruling indexes, you ask the question in plain English, get a cited answer, and verify the citations on screen. The time you save goes back into client strategy, business development, or simply finishing the day at a reasonable hour.
When you ask a tax question, Cyter searches the full Australian tax corpus first — statutes, all major ATO ruling types, and case law from the High Court, Federal Court, selected state Supreme Courts and the Administrative Review Tribunal. The retrieval system is designed to find the exact provisions and authorities relevant to the question, not the most popular generic content.
The retrieved sources are then used to ground the answer. Every claim in the response points back to a specific source — section, ruling paragraph or judgement paragraph — with the verbatim quote shown on hover. You can verify everything before signing off.
Cyter does not provide tax advice. It does not lodge returns. It does not replace your professional judgement, and it does not relieve you of any obligation as a registered tax agent or legal practitioner. It is a research tool — the same role a senior associate plays when they hand you a memo with citations. The sign-off is yours.
Equally, Cyter does not pretend to know what it does not know. If a question depends on facts the AI has no way to verify, or on a ruling not in the corpus, or on a recent change of law it has not yet ingested, the response will say so. We treat that honesty as the whole point of "AI for tax" rather than "AI."
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