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Extending the Tax File Number ('TFN') Withholding Arrangements to Closely Held Trusts and Family Trusts - Exposure Draft of Regulations and Explanatory Materials


Thursday, 3 June 2010

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As a part of the 2009-2010 Budget, the Rudd Government announced their intention to extend Tax File Number (TFN) withholding arrangements to closely held trusts, including family trusts.

Schedule 2 to the Tax Laws Amendment (2010 Measures No. 2) Bill 2010, giving effect to that announcement, was introduced into Parliament on 17 March 2010.

The Assistant Treasurer has released for public consultation an exposure draft Taxation Administration Amendment Regulations and the associated explanatory materials. The proposed Taxation Administration Amendment Regulations (No.  ) 2010 support these proposed amendments to the TFN withholding arrangements by providing the withholding rate and the threshold for payments to which TFN withholding will apply. The regulations also exclude a number of classes of trusts from the operation of the proposed TFN withholding for closely held trusts provisions.

Making a submission

Interested parties are invited to comment on the paper. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Thursday, 10 June 2010

Address written submissions to:
The General Manager
Business Tax Division
The Treasury
Langton Crescent

Email: sbtr@treasury.gov.au

For enquiries please call Raphael Cicchini (02) 6263 3188.

Documents Available:

Acrobat (PDF) documents

 Acrobat (PDF)

Exposure Draft of Regulations  162.47kb
Explanatory Materials  36.68kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft of Regulations  376.50kb
Explanatory Materials  84.15kb

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