Trustee Obligations On The ATO’s Radar: TFN Reports

Trustee Obligations on the ATO Radar

The ATO is currently reviewing adherence to certain trustee obligations, including the lodgment of Tax File Number (‘TFN’) reports for TFN withholding for closely held trusts.

Beneficiaries are required to quote their TFN to trustees to avoid having tax withheld from payments or unpaid present entitlements, and trustees must lodge a TFN report for any quarter in which a beneficiary quotes their TFN to the trustee.

If beneficiaries have not quoted their TFN to the trustee, the trustee must:

  • withhold tax at the rate of 47% from the distribution;
  • pay this tax to the ATO; and
  • report, in an annual report, details of all withheld amounts.

DO YOU HAVE QUESTIONS ABOUT THIS BLOG TOPIC?

CALL (08) 9248 8124 NOW OR SIMPLY FILL IN THE FORM BELOW

Posted in

Related

Warren Kruger

Specialist Tax Consultant - “Helping YOU Pay The Correct Tax And Not A Penny More”. My story starts on Christmas Eve, back in 1983 in South Africa.

Leave a Comment

Your email address will not be published. Required fields are marked *

Need Help With

Your Tax Return?

Complete the form below for a fast response

Scroll to Top
Call Now Button