[4087] Resident trust beneficiaries and income from foreign trusts [updated]
Title
Draft Practical Compliance Guideline
ATO compliance approach to section 99B of the Income Tax Assessment Act 1936
Purpose
This draft Practical Compliance Guideline will provide taxpayers with practical guidance about record-keeping and explain when the Commissioner will apply compliance resources to review the application of section 99B of the Income Tax Assessment Act 1936 to distributions from non-resident trusts to beneficiaries.
Expected completion
July 2024
Comments
The draft compliance approach is currently being developed in conjunction with the draft Taxation Determination. The ATO is engaging with key professional bodies on issues that may arise from the compliance approach being developed.
Contact
Amy James-Velagic, Private Wealth
Phone: 08 9268 5916
Title
Draft Taxation Determination
Income tax: Do the hypotheses posited by paragraphs 99B(2)(a) and (b) of the Income Tax Assessment Act 1936 consider the circumstances that gave rise to the amount?
Purpose
This draft Taxation Determination will address the hypothetical taxpayer in paragraphs 99B(2)(a) and (b) of the Income Tax Assessment Act 1936.
Expected completion
July 2024
Comments
This draft guidance is currently being developed in conjunction with the draft Practical Compliance Guideline. The ATO is engaging with key professional bodies on issues that may arise from the guidance being developed.
Contact
Karen Rooke, Office of the Chief Tax Counsel
Phone: 02 9374 1059