Meeting with Treasury - modernising the taxation of trust income

On 24 January 2012 Susan Cantamessa, together with a number of members of the Institute, met with Treasury to discuss our preliminary response to the questions posed in its consultation paper Modernising the taxation of trust income – options for reform (PDF).  Representatives of the ATO also attended the meeting.

The meeting provided a welcome opportunity to better understand Treasury’s initial thinking in relation to a number of matters which will better inform our response to the consultation paper.

In relation to the consultation strategy, the Institute questioned whether a November 2012 introduction date was achievable and, if so, the appropriateness of a 1 July 2013 start date given the large number of trusts affected, the need for stakeholders to properly understand the new rules and, to the extent necessary, review trust deeds.

If you have any comments which you would like considered in preparing our response to the consultation paper please email them to Tax Group.  Submissions are due on so 10 February 2012.

Article last Updated 6 February 2012