Tax Laws Amendment (2007 Measures No. 4) Act 2007 (143 of 2007)

Schedule 4   Trustee beneficiary reporting rules

Part 1   Main amendments

Income Tax Assessment Act 1936

1   Subsection 102UA(1)

Repeal the subsection, substitute:

(1) The main purpose of this Division is to ensure that the trustee of a closely held trust with one or more trustee beneficiaries that are presently entitled to a share of the income or of a tax-preferred amount of the trust advises the Commissioner soon after the end of the year of income of certain details about those trustee beneficiaries. This will allow the Commissioner to check whether the assessable income of the trustee beneficiaries includes the correct share of net income, and whether the net assets of the trustee beneficiaries reflect the receipt of the tax-preferred amounts.