Closely held trusts and TFN withholding arrangements from 1 July 2010
This measure ensures that assessable distributions to beneficiaries of closely held trusts (including family trusts) align with amounts declared in tax returns by beneficiaries. This will not apply to income where tax is directly payable by the trustee, such as minors’ assessable income. Taxpayers who have tax withheld by trustees will be able to claim a credit for that tax in their tax return.
