08 Feb 10 Draft legislation to boost the tax integrity of trusts
In media release No 2010/019, 5 February 2010, the Assistant Treasurer, Senator Nick Sherry, announced the release for public consultation of draft legislation and explanatory material extending tax file number (TFN) withholding arrangements to closely held trusts, including family trusts. The measure was announced in the 2009-10 Budget.
Treasury received 5 submissions in response to its consultation paper entitled "Extending the Tax File Number ('TFN') Withholding Tax Requirements to Closely Held Trusts and Family Trusts" released on 22 October 2009. To access the submissions, go here
Submissions are due by Friday 19 February 2010.