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

11   At the end of section 16-75 in Schedule 1


Payment of income of closely held trust

(5) A trustee must pay to the Commissioner an amount the trustee withholds under section 12-175 or 12-180 from a payment made during an income year. The trustee must do so:

(a) by the end of the 28th day of the next month following the day by which the trustee was required to give to the Commissioner a report under subsection 16-152(1) for the income year; or

(b) within a longer period allowed by the Commissioner.