Taxation Determination
TD 93/61
Income tax: can a trustee quote the trust tax file number (TFN) to an investment body when an investment of the trust estate is held in the trustee's name?
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Please note that the PDF version is the authorised version of this ruling.
FOI status:
may be releasedFOI number: I 1214611| This Determination, to the extent that it is capable of being a 'public ruling' in terms of Part IVAAA of the Taxation Administration Act 1953 , is a public ruling for the purposes of that Part. Taxation Ruling TR 92/1 explains when a Determination is a public ruling and how it is binding on the Commissioner. Unless otherwise stated, this Determination applies to years commencing both before and after its date of issue. However, this Determination does not apply to taxpayers to the extent that it conflicts with the terms of a settlement of a dispute agreed to before the date of issue of the Determination (see paragraphs 21 and 22 of Taxation Ruling TR 92/20). |
1. Yes. Section 202DB of the Income Tax Assessment Act 1936 allows a person making an investment to quote a TFN. If the person making the investment does so in the capacity of a trustee of a trust estate, the trust TFN may be quoted.
2. Subsection 202D(6) clarifies that a person may quote the trust TFN even if there is nothing in the name of the investment indicating that the investment is held by the person in the capacity of a trustee.
Example
John Wong is the trustee of the Wong Family Trust and in his capacity as trustee for the trust invests $1,000 in a bank account in the name of John Wong. As the investment was made by John Wong in his capacity as trustee (and not simply as an individual in his own right), the TFN of the Wong Family Trust may be quoted.
Commissioner of Taxation
1/4/93
Previously issued as Draft TD 92/D211
References
ATO references:
NO CWD. Case 52
Related Rulings/Determinations:
IT 2649
Subject References:
tax file number;
trusts;
trustees;
investment body;
investments
Legislative References:
ITAA 202D(6);
ITAA 202DB