The Board of Taxation has released its report into the tax treatment of bare trusts and similar arrangements.
Currently, it is common practice for bare trusts to be ignored or disregarded for tax purposes. However, the Board of Taxation notes that this practice does not appear to be supported by the tax legislation and is only maintained by an ongoing administrative approach from the Commissioner of Taxation.
The government is currently looking to streamline arrangements for bare trusts as part of the regulatory reform program and further consultation on the scope of potential changes will be undertaken
Should this area of change pose an impact on your business of personal financial situation, please come and seek timely advice from to Tax Ideas Accountants & Advisers… https://taxideas.com.au/booking/
Tel: (02) 8318 1545