Section 99B can deem money or other assets of a foreign trusts paid to a resident beneficiary, or applied for their benefit, as assessable income. Historically the application of this section has been relatively minimal however recent focus on it by the Australian Taxation Office (ATO) has sparked growing concerns in the industry as to the breadth of the section.
In this session our expert panel, including the ATO’s Chief Tax Counsel and practitioners, delved into Section 99B’s nuances and provided practical insights to navigate this area of tax.