COVER: Unpaid present entitlements – a new approach to taxing trust distributions
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Publication date: 01 Mar 10
Source: "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
Draft Taxation Ruling TR 2009/D8 (Income tax: Division 7A loans: trust entitlements) includes the assertion that an unpaid present entitlement payable by the trustee of a trust in favour of a corporate beneficiary could, in appropriate circumstances, either constitute a loan or be taken to be a loan back to the trustee of the trust for the purposes of Div 7A.
Ken Schurgott, CTA, is a Tax and Commercial Law Partner in the Sydney office of Schurgott Noolan Pty Ltd. Ken has extensive experience in all aspects of tax (including state taxes), as well as business structuring, asset protection, succession planning and trust and estate law. He is a member of the Advisory Panel to the Board of Taxation and is presently heavily engaged in consultation in relation to the reform of the taxation of trusts. Ken is the immediate Past President of The Tax Institute.
Current at 18 February 2013
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