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Advice under development – trust-specific issues

We are developing advice and guidance on the following trust issue.

Last updated 1 October 2024

[4087] Resident trust beneficiaries and income from foreign trusts [updated]

Title

Final Practical Compliance Guideline

Section 99B of the Income Tax Assessment Act 1936 ATO compliance approach

Purpose

This final Practical Compliance Guideline will provide taxpayers with:

  • guidance on common scenarios where section 99B of the Income Tax Assessment Act 1936 (ITAA 1936) should be considered
  • practical guidance about record-keeping, and
  • information about when the Commissioner will apply compliance resources to review the application of section 99B of the ITAA 1936 to distributions from non-resident trusts to beneficiaries.

Expected completion

Late 2024

Comments

The compliance approach is being developed in conjunction with a Taxation Determination.

Draft Practical Compliance Guideline PCG 2024/D1 Section 99B of the Income Tax Assessment Act 1936 – ATO compliance approach published on 31 July 2024. Comments period closed 28 August 2024. We are currently considering comments received during the consultation period.

Contact

Amy James-Velagic, Private Wealth

Phone: 08 9268 5916

Amy.James-Velagic@ato.gov.au

Title

Final Taxation Determination

Income tax: factors taken into account in applying the exceptions to section 99B of the Income Tax Assessment Act 1936 contained in paragraphs 99B(2)(a) and 99B(2)(b)

Purpose

The final Determination will address the hypothetical resident taxpayer tests in paragraphs 99B(2)(a) and (b) of the ITAA 1936.

Expected completion

Late 2024

Comments

This guidance is being developed in conjunction with a Practical Compliance Guideline.

Draft Taxation Determination TD 2024/D2 Income tax: factors taken into account in applying the exceptions to section 99B of the Income Tax Assessment Act 1936 contained in paragraphs 99B(2)(a) and 99B(2)(b) published on 31 July 2024. Comments period closed 28 August 2024. We are currently considering comments received during the consultation period.

Contact

Karen Rooke, Office of the Chief Tax Counsel

Phone: 02 9374 1059

Karen.Rooke@ato.gov.au

QC57882