05 Mar 10 Submission: Exposure Draft extending the TFN withholding arrangements to closely held trusts including family trustsOn 16 February 2010, the Taxation Institute lodged a submission with Treasury in relation to the Exposure Draft legislation extending the Tax File Number Withholding (TFN Withholding) Arrangements to closely held trusts including family trusts
In its submission, the Taxation Institute points out that the ATO obtains a significant amount of data concerning distributions from Trusts in the Trustee Beneficiary Statements and schedules for the Company and the Trust’s Income Tax Return. Further, if there is any information on the current Trust Income Tax Return that is lacking, the Commissioner of Taxation can amend the disclosure requirements in the income tax return without the need for amending legislation. The Taxation Institute has significant concerns with the proposed legislation.
For a copy of the submission, go here.