Extending the Tax File Number (‘TFN’) Withholding Tax Requirements to Closely Held Trusts and Family Trusts

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On 22 October 2009 the Assistant Treasurer announced the release of a discussion paper entitled: ‘Improving the fairness and integrity of the tax system: Extending the Tax File Number withholding arrangements to closely held trusts, including family trusts’.

The discussion paper outlines the 2009-10 Budget measure to extend the current TFN withholding arrangements to closely held trusts, including family trusts, in order to ensure that the assessable distributions to beneficiaries of those trusts align with the amounts included by those beneficiaries in their tax returns.

Making a submission

Interested parties are invited to comment on the consultation paper. While submissions may be lodged electronically, by post or by facsimile, electronic lodgment is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence.  Automatically generated confidentiality statements in emails do not suffice for this purpose.  Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.  A request made under the Freedom of Information Act 1982 (Commonwealth) for a submission marked 'confidential' to be made available will be determined in accordance with that Act.

Closing date for submissions: Friday, 20 November 2009

Address written submissions to:
The General Manager
Business Tax Division
The Treasury
Langton Crescent
PARKES  ACT  2600

Email:  sbtr@treasury.gov.au

For enquiries, please call Raphael Cicchini, (02) 6263 3188.

Documents Available:

 Acrobat (PDF)

 Microsoft Word (RTF)

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