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14 Jan 10 Beneficiaries claiming deductions against distributions from discretionary trusts

The ATO advises that during January and February 2010 it will be sending letters to selected taxpayers who are beneficiaries claiming deductions against distributions from discretionary trusts.

The letters include an outline of the ATO’s position about claiming these deductions and asks taxpayers to review their claims. It requests they provide details supporting their claims, or make a voluntary disclosure if they have made an error in claiming these expenses. For information about the ATO's view on beneficiaries claiming deductions against distributions from discretionary trusts, refer to Taxation Ruling IT 2385

For a copy of the ATO advice, go here

 


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