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09 May 06 Ultimate beneficiary rules simplified

The Government will simplify the reporting requirements under the ultimate beneficiary rules by requiring that trustees of closely held trusts need identify and report only first tier trustee beneficiaries in receipt of trust distributions. This measure will have effect from the taxpayer’s first income year after the enabling legislation receives Royal Assent.

Currently, the ultimate beneficiary rules require trustees of closely held trusts to trace through chains of trusts to identify the ultimate beneficiaries of distributions from the trust.

For a copy of the Treasurer's press release No 39, 9 May 2006, go here

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