The Australian Government has released draft legislation to enable the streaming of capital gains and franked distributions enable changes to ensure that low-tax entities, especially exempt entities, cannot be used inappropriately to reduce the tax payable on the taxable income of a trust allow trust beneficiaries to continue to use the primary production averaging and [...]
Trusts
Trusts – TFN Withholding Taxes
From 1 July 2010 trusts are affected by changes to taxation law which deals with expanded withholding tax and tax file number (TFN) reporting. All trusts must comply or the trustee will be subject to significant penalties which include: Failure to withhold penalties which is 46.5% of the amount paid to a beneficiary; plus Penalties [...]