Your shopping cart is empty

The Government will extend the tax file number (TFN) withholding arrangements to closely held trusts (which are trusts that generally have fewer than 20 beneficiaries), including family trusts, with effect from the 2010-11 income year. The measure will ensure that assessable distributions to beneficiaries of closely held trusts align with the amounts included by these beneficiaries in their tax returns. The measure will not apply to income upon which tax is directly payable by the trustee of the trust, such as the income assessable to minors. Individuals who have tax withheld by trustees can claim a credit for that tax in their tax return. The measure also aligns with the Government’s commitment to ensure a high level of compliance with existing taxation laws by improving the efficiency and effectiveness of the ATO's income matching system.

For more information, see the Treasurer's media release, No 2009/67, 12 May 2009

Media Release Search
Eg. TD 2005/D52 ALL words EXACT phrase WITHOUT words Date range
From To