Procedures for lodging family trust and interposed entity elections

Family entities have a one-off opportunity to lodge, by 31 May 2007, a family trust election (FTE) and/or an interposed entity election (IEE) that should have been lodged in a year before the 2004 income year. FTEs and IEEs for 2004 and earlier income years may be lodged up to that date, even if the entity's 2004 income tax return has already been lodged. The extension also applies to entities that were not required to lodge a 2004 tax return. The Tax Office has now re-released the procedures for lodging those FTEs and IEEs.