By taxconnect on
Wednesday, July 06, 2011
The Australian tax office released today an overview of the trust streaming measures.
These changes have been introduced pending a broader review of the taxation of trusts - including a rewrite of Division 6 of Part III of the Income Tax Assessment Act 1936 (ITAA 1936).
The amendments enable the streaming of capital gains and franked distributions to beneficiaries for tax purposes and introduce targeted anti-avoidance rules.
Tax Laws Amendment (2011 Measures No. 5) Act 2011 became law on 29 June 2011, giving effect to these changes.