Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102uk:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102UK (pt 2/2)
Character Range: 872046–873290

of income, the trustee of a closely held trust makes and gives to the Commissioner a statement, that the trustee believes on reasonable grounds is a correct TB statement, about a share of the net income of the trust; and
 (b) the statement is not a correct TB statement about the share, with the result that, apart from this subsection, this section applies; and
 (c) either:
 (i) the trustee could not reasonably have foreseen the event that caused the statement not to be a correct TB statement; or
 (ii) the statement is not a correct TB statement because of an inadvertent error; and
 (d) either:
 (i) before any trustee beneficiary non‑disclosure tax becomes due and payable on the untaxed part as a result of this section applying; or
 (ii) before the end of 4 years after any such tax becomes due and payable;
  the trustee advises the Commissioner in writing of any change that is necessary to make the statement a correct TB statement about the share;
this section does not apply, and is taken never to have applied, to the untaxed part.

Trustee group
 (3) The trustee group consists of the following:
 (a) the trustee of the closely held trust;
 (b) if the trustee of the closely held trust is a company—the directors of the company.