Closely held trusts must report correct Tax File Number and beneficiary details
The ATO has said it will soon issue its 1st round of letters to trustees of closely held trusts who have lodged their 2010 trust tax returns where the beneficiary’s TFN or other details could not be matched to the ATO’s records, or where the trustee did not include a beneficiary’s TFN in the 2010 ...more
New draft taxation ruling TR 2009D8 affecting Division 7A interests/
Some issues of concern re ATO Draft Ruling on Div 7A and UPE – by Tony Greco, Senior Tax Adviser, NIA The ATO’s release in late December 2009 of Draft Taxation Ruling TR 2009/D8 concerning Div 7A and the treatment of unpaid entitlements of a corporate beneficiary of a trust has certainly generated much interest. ...more
ATO to send letters to beneficiaries claiming deductions against trust distributions
During January and February 2010, the ATO says it is sending letters to selected taxpayers who are beneficiaries claiming deductions against distributions from discretionary trusts. Some tax agent clients may receive these letters. The letters include an outline of the Tax Office’s position about claiming these deductions and ask taxpayers to review their claims. The ...more
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