59DAnnual return for foreign exemption trust

1. A trustee of a foreign exemption trust must provide to the Commissioner a return for the trust, the declaration required by subsection (2B), and the prescribed fee, for each year (the return year) that—

2. includes a period in which—
   1. a trustee of the trust derives income for which the trustees of the trust take a tax position that the income is exempt income under section HC 26 of the Income Tax Act 2007:
   2. the trust is registered as a foreign exemption trust or a trustee is required to register the trust; and
3. ends with—
   1. a date (the balance date) for which the trustee prepares financial statements or is required to prepare financial statements; or
   2. 31 March if the trustee does not prepare financial statements and is not required to prepare financial statements; and
4. begins after 31 March 2023, if a trustee becomes required to register the trust on the date of enactment of this subsection; and
5. if the trustee has a grace period referred to in section 59C(3), ends after the grace period.

6. A return must be in the form prescribed by the Commissioner and include—

7. financial statements for the trust and the return year, if the trustee prepares financial statements or is required to prepare financial statements:
8. the date, amount, and nature of each settlement that—
   1. is not the provision to the trustee, at less than market value, of minor services incidental to the activities of the trust; and
   2. is made on the trust in the return year:
9. the name, email address, physical residential or business address, jurisdiction of tax residence, and taxpayer identification number of each settlor making the settlement:
10. the date, amount, and nature of each distribution made by the trustee of the trust in the return year and the name of the beneficiary who receives the distribution:
11. for each beneficiary to which a distribution is made, the email address, physical residential address, jurisdiction of tax residence, and taxpayer identification number of the beneficiary or, if the beneficiary is a minor, the date of birth, jurisdiction of tax residence, and tax identification number of the beneficiary and the name, email address, physical residential address, jurisdiction of tax residence and taxpayer identification number of the parent or guardian of the beneficiary:
12. details of each addition or alteration to a particular provided with an application for registration or in an earlier return, if the details have not been provided earlier.

13. The trustee must provide a signed declaration that each settlor referred to in subsection (2)(c)—

14. is deceased; or
15. despite the efforts of the trustee detailed in the declaration, cannot be located by the trustee; or
16. has been informed of, and has agreed to provide the information necessary for compliance with the requirements relating to the provision of information relating to the settlement, the trust, and persons connected with the trust, imposed by all of—
    1. the Tax Administration Act 1994:
    2. the Anti-Money Laundering and Countering Financing of Terrorism Act 2009:
    3. the regulations made under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.

17. A return and the prescribed fee for a foreign exemption trust and a return year must be provided by a trustee to the Commissioner by the later of—

18. the date by which the trustee is required to apply for registration of the trust:
19. the date that is—
    1. 6 months after the balance date for the trust and the return year, if the trust has a balance date; or
    2. the 30 September following the end of the return year, if the trust does not have a balance date.