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TFN withholding for closely held trusts

22 Oct 10 TFN withholding for closely held trusts

Robyn Jacobson FTIA (Cyntax Tax Training & Consulting) and Tax Counsel Tamera Lang ATIA represented the Taxation Institute at an ATO workshop to discuss the implementation of the new TFN withholding for closely held trusts on Tuesday 20 October 2010. There have been a number of difficulties associated with administering the new laws, particularly in the transitional period. The purpose of the workshop was to discuss the ATO's administrative arrangements, particularly on the procedures for reporting beneficiaries' TFNs. The ATO's communication strategy and education products (e.g. fact sheets) were discussed at length, and the ATO has received numerous suggestions for improvement from practitioners.  The Taxation Institute will continue to be involved in the consultation process - if you have issues with the new rules and would like to bring them to the attention of the ATO, please contact us at Tax Policy