Tax Commissioner Michael Carmody today announced changes to the requirements for lodging statements relating to certain trusts for the 1999/2000 and subsequent income-tax years.
The changes aim to relieve some pressure on trustees and tax practitioners working hard to meet their obligations under the new tax system.
Until now, trustees of ‘closely-held trusts' were required to lodge a ‘ultimate beneficiary (UB) statement' at the same time they lodged their income-tax return for the trust.
These statements are used to disclose the identity of the actual beneficiaries of income arising from a particular trust.
"I am please to announce that, until further notice, and subject to certain conditions, people do not need to lodge further ultimate beneficiary statements," Carmody says.
To read more, go to
bizreview.