Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 6D - Provisions relating to certain closely held trusts  

Subdivision E - Making correct TB statement about trustee beneficiaries of tax-preferred amounts  

SECTION 102UT   REQUIREMENT TO MAKE CORRECT TB STATEMENT ABOUT TRUSTEE BENEFICIARIES OF TAX-PREFERRED AMOUNTS  

102UT(1)  


If, at the end of a year of income:


(a) a trustee beneficiary of a closely held trust is presently entitled to a share of a tax-preferred amount of the trust; and


(b) the trustee of the closely held trust is not covered by a determination under subsection 102UK(1A) for the year of income; and


(c) the closely held trust is none of the following:


(i) a family trust (within the meaning of section 272-75 in Schedule 2F );

(ii) a trust in relation to which an interposed entity election has been made and is in force in accordance with section 272-85 in Schedule 2F ;

(iii) a trust covered by subsection 272-90(5) in Schedule 2F ;

the trustee of the closely held trust must, during the TB statement period, make and send to the Commissioner a correct TB statement covering the share.

102UT(2)  


For the purposes of the Taxation Administration Act 1953 , if the trustee contravenes the requirement in subsection (1) of this section to make and send a statement to the Commissioner, then, subject to subsection (3) of this section, the trustee commits an offence against section 8C of that Act.

102UT(3)  


The trustee does not commit an offence against section 8C of the Taxation Administration Act 1953 as a result of a contravention of the requirement if:


(a) the trustee did not know all the information required to be included in the statement; and


(b) the trustee had taken reasonable steps to ascertain the information that he or she did not know; and


(c) if the trustee did know some of the information, he or she included it in a statement that he or she sent to the Commissioner during the TB statement period.

102UT(4)  
The only burden of proof that the trustee bears in respect of subsection (3) is the burden of adducing or pointing to evidence that suggests a reasonable possibility that the matter in question existed.


 

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