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

38   Subsection 102UT(1)

Repeal the subsection, substitute:

(1) If, at the end of a year of income:

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

(b) the trustee of the closely held trust is not covered by a determination under subsection 102UK(1A) for the year of income;

the trustee of the closely held trust must, during the TB statement period, make and send to the Commissioner a correct TB statement covering the share.

Note: The heading to section 102UT is replaced by the heading " Requirement to make correct TB statement about trustee beneficiaries of tax-preferred amounts ".