There continues to be a lot happening in relation to trust taxation, notes Australian Taxation Office senior tax counsel Fiona Dillon.
“From the ATO’s perspective we are working to clarify our view of important aspects of the current law and in some instances this has meant that administrative practices that the Commissioner previously had in place have been withdrawn.
“This means that in order to ensure that a beneficiary is assessed on a relevant share of the trust’s taxable income, a trustee will need to make the beneficiary presently entitled to trust income by 30 June 2012.”
In this interview, CPA senior tax counsel Mark Morris speaks with special guest Fiona Dillon to discuss topical trust issues and some of the ATO’s education and compliance campaigns around the topic.
Want to hear more? Listen to Fiona Dillon and Mark Morris. For a transcript of this podcast, click here.