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.
Recommended for you
With an abundance of private market options coming to market, due diligence becomes increasingly important as advisers separate the wheat from the chaff, adviser Charlie Viola has said.
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
