H5 Credit for TFN amounts withheld from payments from closely held trusts

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This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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Show at H5 the total amount withheld from payments where the fund has not provided its TFN to the trustee of a closely held trust.

Unless the fund is an exempt beneficiary, the trustee of a closely held trust, which is subject to the TFN withholding rules, is required to withhold amounts from payments if the fund did not provide a TFN. The rate of withholding is 46.5% (top rate plus Medicare levy) of the payments made.

Where amounts have been withheld the trustee of a closely held trust is required to provide a beneficiary with a payment summary in the approved format. The credit amount claimed at H5 appears on the payment summary.

Do not include at H5 amounts from any other withholding rules.

If a credit is reported at H5 for tax withheld, the corresponding gross payment is included as a trust distribution at N to Q, item 10 (as applicable).

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• TFN withholding for closely held trusts