| 2012 changes to trusts |
| The document is the transcript of a podcast with ATO senior tax counsel Fiona Dillon and CPA Australia senior tax counsel Mark Morris. Included in the document is a link to the podcast on the CPA Australia website. |
| Beneficiaries |
| The beneficiary of a trust may have tax obligations arising from their entitlement to the income or capital of a trust. |
| Changes to primary production trusts that report a loss |
| New law, which applies from 1 July 2010, means that primary producer beneficiaries can continue to access income averaging and hold farm management deposits for the 2010-11 income year and future years, despite reporting a trust loss. |
| Changes to the ultimate beneficiary rules |
| The ultimate beneficiary rules have been simplified. Trustees of closely held trusts will be required to report the details of trustee beneficiaries that are presently entitled to certain income of the trust and tax-preferred amounts. |
| Closely held trusts - adding or cancelling a pay as you go (PAYG) withholding business account |
| Complete this application form to register for or cancel a pay as you go withholding business account for closely held trust purposes (NAT 73798). |
| Draft Taxation Determination TD 2012/D4 |
| The draft TD provides the Commissioner's view of when a new trust may (or may not) arise for tax purposes following the Clark decision, and in particular, discusses the application of the Capital Gains Tax provisions. |
| Draft Taxation Determination TD 2012/D5 |
| The draft TD provides examples that demonstrate the relevance of the trust deed and the wording of the trustee resolution in determining the beneficiary's share of net income of a trust under the proportionate approach. |
| Flood levy information for trustees |
| Provides information to trustees on which trustee assessments are liable for flood levy for the 2011-12 income year. |
| How the rules for closely held trusts apply |
| Work out if the trustee beneficiary reporting rules, the tax file number withholding rules, or both, apply to you as trustee of a closely held trust. |
| How to complete labels 64A income of the trust estate and 65W share of income of the trust estate |
| These instuctions will help you correctly complete your trust tax return and address common errors with labels 64A income of the trust estate and 65W share of income of the trust estate. |
| Instructions for completing an Annual TFN withholding report |
| Instructions on how to complete the Annual TFN withholding report. |
| Interim changes to the taxation of trusts |
| Interim law changes have been enacted that enable the streaming of capital gains and franked distributions to beneficiaries for tax purposes and introduce anti-avoidance rules. |
| Managed investment trusts election for capital treatment |
| Approved form for MITs to elect for capital treatment. NAT 73523-06.2010 |
| New legislation - trusts |
| Provides information about recent changes to trusts legislation from announcement through to royal assent |
| Registering, reporting and paying tax |
| The trustee is responsible for managing the trust's affairs. Beneficiaries include their share of the trust's net income in their own tax return. |
| Reporting trust income and distributions - common mistakes to avoid and changes in 2012 |
| Outlines the reporting requirements for trust income and distributions, some common mistakes to avoid and changes in 2012. |
| Special disability trusts - tax return lodgment instructions |
| Tax return lodgment instructions specific to a special disability trust. |
| Taxation of trust income and capital gains |
| Generally, the net income of a trust is taxed in the hands of the beneficiaries based on their share of the trust income. In some cases the trustee is taxed on behalf of the beneficiary. If there is no beneficiary entitled to trust income, the trustee pays the tax assessed on the trust's net income. |
| TFN report instructions |
| The procedures for filling out the TFN report. |
| TFN withholding for closely held trusts |
| Guide for TFN withholding for closely held trusts. |
| TFN withholding for closely held trusts - flowchart |
| This flowchart will help trustees of closely held trusts understand whether they need to withhold from payments to their beneficiaries. |
| Trust tax return 2012 |
| 2012 trust tax return and information on ordering paper copies. NAT 0660-6.2012 |
| Trust tax return 2013 |
| 2013 trust tax return and information on ordering paper copies. NAT 0660-6.2013 |
| Trust tax return instructions 2012 |
| For use by trusts to assist with completion of 2012 tax returns. |
| Trustee beneficiary non-disclosure tax payment advice |
| This form is to be completed by the trustee of a closely held trust to advise the Tax Office of the amount of trustee beneficiary non-disclosure tax (TBNT) the trustee is liable to pay and to allow them to pay the TBNT. |
| Trustee beneficiary reporting rules |
| The purpose of the 'trustee beneficiary' rules is to ensure that trustees of closely held trusts tell us certain details about trustee beneficiaries. |
| Trustee resolutions must be made no later than 30 June |
| Important information for trustees who make beneficiaries entitled to trust income by way of a resolution. |
| Trustees |
| The trustee is personally liable for the debts and obligations of the trust, including its tax obligations, although they can generally meet these from trust property. |
| Trusts overview |
| Trusts are widely used for investment and business purposes. |
| Trusts Taskforce |
| In the 2013-14 Federal Budget the government announced it would provide funding over four years for us to audit taxpayers who have been involved in tax avoidance or evasion using trusts. |
| Types of trust |
| The tax treatment of a trust and its beneficiaries depends on the nature of their entitlements. Some types of trusts, including super funds, have special tax arrangements. |