Closely held trusts

Rules for closely held trusts

Work out if the trustee beneficiary reporting rules, the tax file number (TFN) withholding rules, or both, apply to you as trustee of a closely held trust.

TFN withholding for closely held trusts

If a beneficiary of a closely held trust doesn't quote their TFN to the trustee, the trustee must withhold from the beneficiary's payments or entitlements. When a beneficiary quotes their TFN, the trustee must tell us.

Trustee beneficiary reporting rules

Trustees of closely held trusts that have trustee beneficiaries may need to include a TB statement in their trust tax return. The statement provides details of trustee beneficiaries.