Tax on the Whiteboard | Distributions from Foreign Trusts from aata Watch Video

⏲ Duration: 7 min 42 sec
✓ Published: 08-Aug-2019

Description:
Many people in Australia are beneficiaries of trusts that are based offshore. There is a long standing provision in the tax law that can subject an Australian resident to tax when they get a distribution from a trust in a foreign country. This is section 99B of the Income Tax Assessment Act 1936.Although, strictly not only relevant to foreign trusts, for the most part, this is when the section will operate. The problem is that this provision is not widely known and can catch people unawares. I