Section 99B Explained: Tax Tips for Aussie Beneficiaries of Overseas Trusts
The Australian Taxation Office (ATO) has issued its final Practical Compliance Guideline (PCG) 2024/3, providing taxpayers with clarity on its compliance approach under section 99B of the Income Tax Assessment Act 1936 (ITAA 1936) regarding the taxation of amounts received by resident beneficiaries from non-resident trusts. This guideline serves to