Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION

Division 6D - Provisions relating to certain closely held trusts

View history note

Subdivision B - Interpretation

View history note

SECTION 102UG CORRECT TB STATEMENT

View history reference

Share of net income case

102UG(1)
This section applies if a share of the net income of a closely held trust for a year of income is included in the assessable income of a trustee beneficiary of the trust under section 97 and the share comprises or includes an untaxed part.

Tax-preferred amount case

102UG(2)
This section also applies if a trustee beneficiary of a closely held trust is presently entitled at the end of a year of income to a share of a tax-preferred amount of the trust.

Correct TB statement

102UG(3)
If this section applies, the trustee of the closely held trust makes a correct TB statement about the share if the trustee correctly states, in the approved form:

(a) if the trustee beneficiary is a resident at the end of the year of income:

(i) the name and tax file number of the trustee beneficiary; and

(ii) the amount of the untaxed part of the share or the amount of the share of the tax-preferred amount; and

(b) if the trustee beneficiary is a non-resident at the end of the year of income:

(i) the name and address of the trustee beneficiary; and

(ii) the amount of the untaxed part of the share or the amount of the share of the tax-preferred amount.

Note:

If a closely held trust has multiple trustee beneficiaries, the requirements in subsection (3) will have to be met for each of them for the trustee of the closely held trust to avoid paying any trustee beneficiary non-disclosure tax.

View history note

History

S 102UG substituted by No 143 of 2007 , s 3 and Sch 4 item 15, applicable to the first income year starting on or after 24 September 2007 and later income years. S 102UG formerly read:

SECTION 102UG CORRECT UB STATEMENT
102UG(1) Share of net income case.
This section applies if:

(a) a share of the net income of a closely held trust for a year of income is included in the assessable income of a trustee beneficiary of the trust under section 97 ; and

(b) there are one or more ultimate beneficiaries in respect of the whole or a part (the head trust amount ) of the share.

102UG(2) Tax-preferred amount case.
This section also applies if:

(a) a trustee beneficiary of a closely held trust is presently entitled at the end of a year of income to a share of a tax-preferred amount of the trust; and

(b) there are one or more ultimate beneficiaries in respect of the whole or a part (also the head trust amount ) of the share.

102UG(3) Correct UB statement.
If this section applies, the trustee of the closely held trust makes a correct UB statement about the head trust amount if the trustee correctly states in writing:

(a) how much of the head trust amount is attributable to each ultimate beneficiary; and

(b) whether the ultimate beneficiary is an ultimate beneficiary by virtue of subsection 102UE(2) , (3) or (4); and

(c) for each ultimate beneficiary who is a resident at the end of the year of income - the ultimate beneficiary ' s name and tax file number; and

(d) for each ultimate beneficiary who is not a resident at the end of the year of income - the ultimate beneficiary ' s name and address.

S 102UG inserted by No 70 of 1999.

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.