modernising the taxation of trust income — Consultation strategy 
The Government invites all interested groups to register their interest in the project to modernise the taxation of trust income by emailing trust_rewrite@treasury.gov.au. 
Project Objective:  
To improve and simplify the taxation of trust income in Australia, specifically in relation to Division 6 of Part III of the Income Tax Assessment Act 1936. 
Consultation Objective:
To achieve better outcomes by ensuring that all stakeholders have the opportunity to participate in the process and present their views for genuine consideration. 
Communication Principles:
Treasury will adopt the following principles in communicating with stakeholders:
•	Communications to all stakeholders will be timely, accurate and appropriate to the knowledge and perspective of the stakeholder.
•	Stakeholders should feel satisfied their views have been listened to, properly understood, and given due consideration — even if they are not agreed with.
•	Confidentiality of communications will be respected where it is specifically sought.
Next Steps:
The process to modernise the taxation of trust income is likely to involve the following steps:
Steps	Indicative timeframes*	
Release of initial consultation paper	November 2011 	
Consultation forums (before and after close of public submissions)	January – March 2012	
Release of policy design paper	May 2012	
Consultation roundtables (before and after close of public submissions)	May – June 2012	
Release of exposure draft legislation	July 2012	
Consultation roundtables (before and after close of public submissions)	July –August 2012	
Possible second round of exposure draft legislation	Sept– October 2012	
Introduction of legislation	November 2012	
* These indicative timeframes assume a target start date of 1 July 2013.  Actual timeframes will depend on the scope of the review (see section 1.3 of the Consultation Paper) and on broader Government priorities.