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

3   Subsection 102UA(3)

Omit "there are in fact no ultimate beneficiaries of net income of the closely held trust", substitute "the trustee of the closely held trust becomes presently entitled to an amount that is reasonably attributable to the whole or a part of the share of the net income of the closely held trust".