Division 7A has recently seen drastic changes happen to both its terms through amendments contained in the Tax Laws Amendment (2010 Measures No. 2) Bill and its proposed administration by the ATO as seen in newly issued Practice Statements, and Rulings about private company UPEs, and the exercise of the Commissioner's discretion under section 109RB.
This event reviewed these new developments and practical implications arising from them, identifying and considering:
- how to deal with company UPEs
- excusable "honest mistakes"? or "inadvertent omissions"?
- the fate of the "double trust structure"?
- continuing subjects of uncertainty, and more.
This event was part of the breakfast club series and was also held in Melbourne on the 29th July 2010.