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New rules have replaced the ultimate beneficiary rules which required trustees of closely held trusts to report to the Commissioner certain details about the trust’s ultimate beneficiaries. The new trustee beneficiary rules were contained in Tax Laws Amendment (2007 Measures No 4) Act 2007, which received Royal Assent on 24 September 2007. The changes had effect from 1 July 2008, with a transitional rule that applied from 1 July 2006 to 30 June 2008.

The purpose of these rules is to ensure that the trustee of a closely held trust with one or more trustee beneficiaries that are presently entitled to a share of the income and/or of a tax preferred amount of the trust, advises the Commissioner soon after the end of the year of income of certain details about those trustee beneficiaries.

The ATO has published the following factsheets in relation to the new rules:

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