Give feedback on:
draft amendments to the Income Tax Assessment Act 1936
updated explanatory material.
The draft legislation streamlines how closely‑held trusts report beneficiary tax file numbers (TFNs).
It removes reporting on a separate form. Instead, trustees must report TFNs of presently‑entitled beneficiaries on the trust’s income tax return.
These changes will enhance the trust reporting system’s prefill capabilities. This supports the Australian Taxation Office’s current system changes.
