On 21 November 2011, the Government released an initial consultation paper which outlined 3 possible models for taxing trust income. Treasury noted that the consultation on that paper highlighted a desire for more information about 2 of the proposed models – that is, the “trustee assessment and deduction” model, and the “proportionate within class” model.
The Government on Wed 24.10.2012, issued a policy options paper which responds to consultation feedback and further articulates the design of those 2 models, which have been renamed the “economic benefits mode”‘ and the “proportionate assessment model” to better reflect their objectives.
In addition, Treasury will be hosting workshops in Brisbane (19 November 2012), Sydney (20-21 November 2012) and Melbourne (26-27 November 2012). Stakeholders interested in attending a workshop should email Treasury on trust_rewrite@treasury.gov.au before 2 November 2012.
The policy options paper is available on the Treasury website. COMMENTS are due by 5 December 2012.
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