PART III
-
LIABILITY TO TAXATION
Division 6D
-
Provisions relating to certain closely held trusts
History
Div 6D inserted by No 70 of 1999.
Subdivision F
-
Special provisions about tax file numbers
History
Subdiv F inserted by No 70 of 1999.
SECTION 102UV
TRUSTEE OF CLOSELY HELD TRUST MAY RECORD ETC. TAX FILE NUMBER
102UV(1)
[
Application]
This section applies if a trustee beneficiary in respect of:
(a)
a share of the net income of a closely held trust for a year of income that is included in the assessable income of the trustee beneficiary of the trust under section
97
; or
(b)
a share of a tax-preferred amount of a closely held trust to which the trustee beneficiary of the trust is presently entitled at the end of a year of income;
quotes his or her tax file number to the trustee of the closely held trust in connection with that trustee making a correct TB statement about that share.
102UV(2)
[
Use of TFN]
Section
8WB
of the
Taxation Administration Act 1953
does not prohibit the trustee of the closely held trust from:
(a)
recording the tax file number or maintaining such a record; or
(b)
using the tax file number in a manner connecting it with the identity of the trustee beneficiary; or
(c)
divulging or communicating the tax file number to a third person;
in connection with that trustee making a correct TB statement about that share.
History
S 102UV substituted by
No 143 of 2007
, s 3 and Sch 4 item 41, applicable to the first income year starting on or after 24 September 2007 and later income years. S 102UV formerly read:
SECTION 102UV TRUSTEE OF CLOSELY HELD TRUST MAY RECORD ETC. TAX FILE NUMBER
102UV(1)
This section applies if an ultimate beneficiary in respect of the whole or part of:
(a)
a share of the net income of a closely held trust for a year of income that is included in the assessable income of a trustee beneficiary of the trust under section
97
; or
(b)
a share of a tax-preferred amount of a closely held trust to which a trustee beneficiary of the trust is presently entitled at the end of a year of income;
quotes his or her tax file number to the trustee of the closely held trust in connection with that trustee making a correct UB statement about that share.
102UV(2)
Section
8WB
of the
Taxation Administration Act 1953
does not prohibit the trustee of the closely held trust from:
(a)
recording the tax file number or maintaining such a record; or
(b)
using the tax file number in a manner connecting it with the identity of the ultimate beneficiary; or
(c)
divulging or communicating the tax file number to a third person;
in connection with that trustee making a correct UB statement about that share.
S 102UV inserted by No 70 of 1999.