Trusts’ compliance with anti-avoidance rules reviewed
The ATO has announced that it is reviewing selected trusts’ compliance with sections 100AA and 100AB of the ITAA 1936. These anti-avoidance rules are designed to prevent trustees using tax-exempt entities to shelter the trust’s net income.
Specifically, it is looking at situations where a tax exempt entity is entitled to income of the trust estate and:
- it has not been paid or notified of that entitlement within two month of the end of the income year’ or
- their share of the trust;s net income is disproportionate to their entitlement to trust income.
Tax practitioners will receive a letter from the ATO if you have a trustee client selected for review.
Ref: ATO website- Trust compliance with anti-avoidance rules
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