Treasury on Mon 30.7.2012, issued a discussion paper seeking views on “a more workable approach for fixed trusts”. The Government in November 2011 had advised that it was aware that the current restrictive definition of “fixed trust” was an issue for trusts and said it would release a separate discussion paper.
The Assistant Treasurer said the paper considers options that could ensure that taxpayers are able to satisfy the definition of fixed trusts under the ordinary provisions of the law without relying on the Commissioner’s discretion to be considered a “fixed trust”.
The discussion paper is available on the Treasury website. COMMENTS on the discussion paper are due by 14 September 2012.
[LTN 145, 30/7]