Tax Laws Amendment (2010 Measures No. 2) Act 2010 (75 of 2010)

Schedule 2   Extending the TFN withholding arrangements to closely held trusts, including family trusts

Part 2   Amendments contingent on the Tax Laws Amendment (2010 Measures No. 1) Act 2010

Income Tax Assessment Act 1997

27   Subsection 995-1(1) (definition of quoted)

Repeal the definition, substitute:

quoted :

(a) an entity has quoted its *tax file number in connection with a *Part VA investment if the entity is taken, for the purposes of Part VA of the Income Tax Assessment Act 1936, to have quoted its tax file number in connection with the investment; and

(b) the beneficiary of a trust has quoted the beneficiary's tax file number to the trustee of the trust if:

(i) Division 4B of Part VA of the Income Tax Assessment Act 1936 applies to the trustee and to the beneficiary; and

(ii) the beneficiary is taken, for the purposes of that Part, to have quoted the beneficiary's tax file number to the trustee.