"Lance william is 14 year old and is beneficiary of the Williams family trust. In the 1920 income tax year Lance only income is $8000 received from trust distribution. Because Lance income is less than $37,000, he will be able to offset any tax payable with low income tax offset of $445 and the low and middle income tax offset of $225. "

Indicate whether the above statement is TRUE or FALSE with appropriate explanation.