04 Jun 08 Family trust election, revocation or variation form 2008The ATO has published the Family trust election, revocation or variation form 2008. Trustees must use this form for:
- making a family trust election in accordance with s 272-80 of Schedule 2F to ITAA 1936 specifying the 2004–05 or later income year
- revoking a family trust election in the 2007–08 income year in accordance with ss 272-80(6) to (8) of Schedule 2F to the ITAA 1936, or
- varying the specified individual under ss 272-80(5) to (5D) and (8) of Schedule 2F to the ITAA 1936.
The ATO notes that in the 2008 Budget the Government announced its intention to reverse the ability to vary the specified individual, other than in relation to a marriage breakdown, effective from 1 July 2007. Also, the broadened definition of ‘family’ will be reversed, effective from 1 July 2008. At the time of printing, these changes had not become law. The ATO advises taxpayers to check for updated information, once the new law is enacted, before lodging this form.
For a copy of the form, go here
For a copy of the Interposed entity election or revocation 2008 form, go here