Tax reform: issues of trust

Article Abstract:

There have been changes in the form of taxation of closely held trusts in Australia under legislation that took affect on August 13, 1998, which accountants need to be aware of. The statements of ultimate beneficiary is one of the major issues and must include they are non-residents or residents, tax file number if resident, and head trust amount. Details must be supplied by the beneficiary, and trustee obligations have changed, also.

Australia, Tax reform

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Seeking added value

Article Abstract:

The planned introduction of the Tax Value Method by the Australian government is discussed. The consultation process, the proposed timetable and the potential benefits for businesses of the scheme are described.

Associations, Accountants, Tax collection

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The new regime

Article Abstract:

The likely impact of changes to entity tax and non-fixed trusts in Australia is considered. It is argued that complex rules will create heavy compliance costs for business, especially small firms.

Trusts, Funds, Trusts, and Other Financial Vehicles, Tax administration and procedure, Tax administration

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