TFN withholding arrangements open to consultation
The Treasury has released the exposure draft regulations for extending tax file number (TFN) withholding arrangements to closely held trusts, which include family trusts.
The Government announced its intention to extend TFN withholding arrangements to closely held trusts as part of the 2009-2010 Budget. The proposal is now open to public consultation.
The draft regulations propose amendments to the TFN withholding arrangements by providing the withholding rate and the threshold for payments to which TFN withholding will apply. The regulations also exclude a number of classes of trusts from the operation of the measure, including discretionary mutual funds, employee share trusts and solicitor trusts.
“These exclusions arose directly from consultation previously undertaken with stakeholders and trustees,” Federal Assistant Treasurer Nick Sherry said.
The changes commence on 1 July, 2010, and submissions close on 10 June, 2010.
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