Bobby Acevski
Articles by this Author
TRUST STREAMING MEASURES
- By Bobby Acevski
- Published 5/05/2011
- Moore Tax News
- Unrated
Introduction
On 13 April 2011, the Assistant Treasurer, Mr Bill Shorten, released an Exposure Draft containing proposed inserts for the Tax Laws Amendment (2011 Measures No. 3) Bill 2011 to enable the streaming of franked distributions and capital gains as well as anti-avoidance measures aimed at ensuring that low-taxed entities, specifically exempt entities, cannot be inappropriately used to reduce the tax payable on the net income of a trust. The proposed changes have been classified as “interim” measures to remedy critical issues prior to the entire set of provisions being updated and re-written into the Income Tax Assessment Act 1997 (“ITAA1997”) at a later date.
On 13 April 2011, the Assistant Treasurer, Mr Bill Shorten, released an Exposure Draft containing proposed inserts for the Tax Laws Amendment (2011 Measures No. 3) Bill 2011 to enable the streaming of franked distributions and capital gains as well as anti-avoidance measures aimed at ensuring that low-taxed entities, specifically exempt entities, cannot be inappropriately used to reduce the tax payable on the net income of a trust. The proposed changes have been classified as “interim” measures to remedy critical issues prior to the entire set of provisions being updated and re-written into the Income Tax Assessment Act 1997 (“ITAA1997”) at a later date.