Australia Tax Agency Clarifies Family Trust Distributions Tax Obligations

The Australian Taxation Office June 4 clarified family trust distributions tax (FTDT) obligations ahead of June 30. The clarification includes that:1) electing entities for family trust elections (FTEs) or interposed entity elections (IEEs), and their advisors, should review the FTEs and IEEs for any need for modification or election revocation; 2) the specified individual for FTEs can be modified once, and the FTE can be revoked, both subject to conditions and generally until the end of the fourth income year after the income year specified in the original election; 3) distributions outside the family group are subject to 47 percent ...