Section 99B: implications for Australian beneficiaries

Published Date: 5 Oct 2023


There is limited guidance on the application of s 99B of the Income Tax Assessment Act 1936. Its extreme breadth seems to catch common situations involving Australian beneficiaries of both resident and non-resident trusts. With the potential for “throwback” interest, the outcome for unwary beneficiaries can be punishing. This article explores s 99B in detail and considers many of the unanswered questions around its application in practice. For foreign trustees and executors, or Australian inheritors, beneficiaries or migrants, there are warnings of the potential dangers and the available, albeit limited, solutions.

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