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01 Sep 10 TFN withholding for closely held trusts

As Members would be aware, the Government has extended the tax file number (TFN) withholding rules to closely held trusts, including family trusts. Under these rules, the trustee of a closely held trust must withhold from payments they make to their beneficiaries who have not provided their TFN.

The ATO has now updated its publication "TFN withholding for closely held trusts", and issued another publication entitled "TFN withholding for closely held trusts - transitional arrangements".

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