Tax Laws Amendment (2007 Measures No. 4) Act 2007 (143 of 2007)
Schedule 4 Trustee beneficiary reporting rules
Part 1 Main amendments
Income Tax Assessment Act 1936
41 Sections 102UU and 102UV
Repeal the sections, substitute:
102UU Trustee beneficiary may quote tax file number to trustee of closely held trust
A trustee beneficiary in respect of:
(a) a share of the net income of a closely held trust for a year of income that is included in the assessable income of the trustee beneficiary of the trust under section 97; or
(b) a share of a tax-preferred amount of a closely held trust to which the trustee beneficiary of the trust is presently entitled at the end of a year of income;
may quote his or her tax file number to the trustee of the closely held trust in connection with that trustee making a correct TB statement about that share.
Note: Section 8WA of the Taxation Administration Act 1953 makes it an offence for a person to require or request another person to quote the other person's tax file number unless provision is made by a taxation law for the other person to quote the number.
102UV Trustee of closely held trust may record etc. tax file number
(1) This section applies if a trustee beneficiary in respect of:
(a) a share of the net income of a closely held trust for a year of income that is included in the assessable income of the trustee beneficiary of the trust under section 97; or
(b) a share of a tax-preferred amount of a closely held trust to which the trustee beneficiary of the trust is presently entitled at the end of a year of income;
quotes his or her tax file number to the trustee of the closely held trust in connection with that trustee making a correct TB statement about that share.
(2) Section 8WB of the Taxation Administration Act 1953 does not prohibit the trustee of the closely held trust from:
(a) recording the tax file number or maintaining such a record; or
(b) using the tax file number in a manner connecting it with the identity of the trustee beneficiary; or
(c) divulging or communicating the tax file number to a third person;
in connection with that trustee making a correct TB statement about that share.