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03 Dec 10 On letters issuing to trustees of closely held trusts

MEMBER 359 writes:

"As far as I know (from having read the instructions for completing a Trust Tax return) there is no requirement to give dates of birth (unless under 18) or addresses (unless no TFN) and the address if it is given is the address for service (= my address, not the taxpayer's), so what is the correct position now for preparing a 2010 Tax return?

Could the Commissioner please let us know what we now have to do?"

TAXVINE COMMENT: For ATO Trust tax return instructions 2010, go here There are important transitional TFN reporting requirements for closely held trusts. To quote from the instructions:

"From 1 July 2010, closely held trusts, including family trusts, may have to report the TFN, name, date of birth and postal address details of beneficiaries under an extension of the TFN withholding rules.

Transitional arrangements have been developed to facilitate a smooth transition to the TFN withholding system for closely held trusts.

Trustees will be able to meet their TFN reporting obligations for the 2011 income year by lodging their 2010 trust income tax return.

Beneficiary TFN, full name, address and date of birth details (for individuals) should be reported on the statement of distribution of the 2010 trust income tax return, even if the beneficiary did not receive a payment in 2010."

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