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  Miscellaneous 2009

Unpaid present entitlement

Source: Victoria

Published Date: 11 Jun 2009

 

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This paper discusses the classification and taxation of loans and unpaid present entitlements under
Division 7A ITAA 1936 and the comments made by Deputy Commissioner Mark Konza on 31 March 2009. Particular topics covered are:

  • what constitutes a loan and an UPE
  • identification of uncertainties for applying Subdivision EA
  • the potential risks of misdescribing a UPE as a loan in the accounts
  • the potential application of Division 7A to amount held on sub trust
  • the management of sub trust amounts retained by the head trust.

The paper also considers the recent statements in the press regarding the ATO's view on the taxation of trusts.

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Details

  • Published By: Ron Jorgensen
  • Published On:11 Jun 2009
  • Took place at:RACV Club, Melbourne

The material is copyright. Apart any fair dealing for the purpose of private study,

research critisism or review, as permitted under the copyright Act, no part may be rerpoduced by any process without written permission from The Tax Institute.

Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

This material is copyright. Apart from any fair dealing for the purpose of private study., research, critisism or review, as permitted under teh copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.

Unless expressly stated, opininons are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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Miscellaneous 2009

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