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30 Jul 09 Trustee beneficiary non-disclosure tax payment advice form

The ATO has published the Trustee beneficiary non-disclosure tax payment advice form. This form is to be completed by the trustee of a closely held trust to advise the ATO of the amount of trustee beneficiary non-disclosure tax (TBNT) the trustee is liable to pay and to allow them to pay the TBNT.

TBNT is payable if the trustee of a closely held trust does not make and give to the Commissioner a correct trustee beneficiary (TB) statement in relation to an untaxed part of a share of net income that is included in the assessable income of a trustee beneficiary. TBNT is also payable where a share of net income of the trustee of the closely held trust has been included in assessable income of a trustee beneficiary and the trustee of the closely held trust becomes presently entitled to the whole or part of the share of that net income. This is sometimes referred to as a "round robin" or "circular distribution".

For a copy of the form, go here

For more information about TBNT, go here

 


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