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12 Mar 10 On the Exposure Draft to extend TFN withholding to closely held trusts

MEMBER 45 writes:

"I have just read that in this exposure draft the persons who have prepared this draft effectively require trust accounts to be completed by 31st August each year. The due lodgment date for most trusts tax returns is May /June in the year following. If this becomes law then no tax agent will take on a trust as we would all fail the tax agent safe harbour regime for lodgment on time.

Perhaps the authors of this draft have been advised that it is possible to produce such accounts within this time frame. They have obviously been discussing computer skills with the geniuses who have designed the ATO change program.

What an absolute stuff up!!! Remember readers that this is an election year and we all have a chance to let the government know what we think of their proposals and more importantly their implementation. It all sounds very much like the insulation programs."

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