It really should have been put onto the Trust ABN as the Trust is the trading entity.

Income must be split according to the legal ownership. Joint tenants: 50/50 Tenants in common: Their legal interest percentage You can't change the percentage and the ATO is clear on this as below. https://www.ato.gov.au/Forms/Rental-properties-2023/?anchor=Rentalincome

I still use Accum Depn and Depn. Makes it easier to track if they sell the asset later.

Credit Income tax expense Debit Income Tax Payable It's something I would be journalling when you process the tax return, not every month otherwise it will affect the P&L.

Currently while the fuel tax credit has been halved this is correct, they won't receive any rebates.

My understanding would be - If they are 18 at the time of distribution it will be taxed at the normal rate.

Hey Sam. I would be interested in some polo shirts. Is there an option to look into pens and fridge magnets?

Technically the P&L will be correct as its still a form of income just not taxable. Accounting profit and Tax profit are always different. This is where the xero tax reconciliation report is useful for the comparison E.G. Its no Different to the superannuation on the P&L as this is normally different on the P&L compared to the tax return.

Still should be in the P&L. Just create a new chart of account for the NANE income so you know to not include it in the Tax return.

I would code to Government Grants/Other revenue - BAS Excluded. Unless there are other grants which need to be included in the tax return. In this case I would create a new account for the NANE income