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Closely Held Trusts - TB and New TFN Rules

Published on 19 Jul 2011 | Took place at Kooyong Lawn Tennis Club, Kooyong , VIC

The trustee beneficiary (TB) statement rules for closely held trusts have been around for 3 years, yet the rules are widely misunderstood, even overlooked, by tax practitioners. Consequently, but unintentionally, the rate of non-compliance with these rules is high.

The new TFN reporting and withholding rules for closely held trusts came into effect on 1 July 2010, and many practitioners are still coming to terms with the complex legislation and obligations imposed on trustees. The first quarterly TFN report is due for lodgement on 31 August 2011 (recently extended from 31 July) — if TFNs are not correctly provided, a 46.5% withholding obligation arises.

This event covered:

  • what is a closely held trust?
  • what is an excluded trust for TB and TFN purposes?
  • when is a trustee required to make a correct TB statement?
  • what are the penalties for getting it wrong?
  • what are the new reporting obligations imposed on trustees under the new TFN withholding rules?
  • how do the TFN rules interact with the TB rules and family trust elections?
  • how does Bamford affect the application of these rules?
  • practical case studies and useful tools to navigate your way through these complex provisions.

Individual sessions

Closely held trusts - TB and new TFN rules

Author(s):  Robyn Jacobson

This paper covers:

  • making a correct TB statement
  • operative provisions
  • trustees' obligations under TFN rules
  • tools for working with TFN rules.


Materials from this session: