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  • Closely held trust reporting

    Trusts must report:

    • beneficiaries quoted TFNs
    • amounts withheld, if a beneficiary has not quoted a TFN.

    This information is lodged using the Trustee details – closely held trust reporting form (CHTWTHHLD) that provides details of the trust and trustee, and indicates which report is being provided.

    Beneficiary details need to be provided in the Beneficiary details schedule.

    Paying withheld amounts

    Trustees registered for TFN withholding for closely held trusts will be issued with an activity statement annually.

    Amounts withheld are reported at label W3 Other amounts withheld. Payments can be made as for any other activity statement.

    Amending a report

    The Annual TFN withholding report can be lodged more than once and the latest report received is considered the current lodgment.

    When lodging an amended annual report you only complete the details of the beneficiary being amended in Section B.

    Beneficiary details

    The Beneficiary details schedule provides information about a trust beneficiary and is attached to the Trustee details – closely held trust reporting form (CHTWTHHLD).

    The report will determine which fields of Beneficiary details (Closely held trust) (CHTWTHHLDBEN) must be completed.

    A separate schedule must be completed for each beneficiary.

    Last modified: 15 Apr 2020QC 49409