Do trustees no longer have unlimited assessment periods?

A Matter Of Trusts

Taxation in Australia

On 19 February 2015, the ATO issued PS LA 2015/2. An early candidate in the ATO’s ongoing campaign to redesign (and rewrite) law administration practice statements (LAPS),1 PS LA 2015/2 seeks to explain

the ATO’s practice of limiting the time in which it will raise an original income tax assessment against a trustee. The ATO has stated that PS LA 2015/2 has been prepared for the purpose of ensuring that returns lodged by trustees are broadly exposed to similar time limits for review as other taxpayers. It is expected that this in turn will provide trustees with greater certainty in accounting for their taxation affairs.

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