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 1 Main amendments
Taxation Administration Act 1953
15 After section 16-155 in Schedule 1
16-156 Annual payment summary for sections 12-175 and 12-180
(1) A trustee must give a *payment summary to a beneficiary of the trust, if the trustee made any *withholding payments covered by section 12-175 or 12-180 to the beneficiary during the income year.
(2) The *payment summary:
(a) must cover each of the *withholding payments mentioned in subsection (1); and
(b) may be in electronic form; and
(c) must be given:
(i) not later than 14 days after the day by which the trustee was required to give the Commissioner a report under subsection 16-152(1) for the income year; or
(ii) within a longer period allowed by the Commissioner.