Bare trusts – we have to do what now?
On February 4, 2022, exactly 1,438 days after the original draft legislation was introduced in the 2018 Federal Budget, the Department of Finance (Finance) released revised draft legislation[1] for beneficial ownership reporting for trusts. This revised draft legislation contained two significant changes: Effective date was changed to taxation years that end after December 30, 2022; and Bare trusts[2] and arrangements are now specifically included Given that the original draft legislation….
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Trusts