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Assets use caught by Division 7A.

Publication date: 10 Jun 10 | Source: IN THE BLACK

Issue: June 2010

Pages: pp. 56-57

Abstract:
The ATO has turned to unpaid present entitlements with its treatment of payment and a two-tier trust structure. The ATO has made it clear that its focus on UPEs has been triggered by the discovery of the practice of a trustee allowing private use of lifestyle assets where there is a UPE. The government's response was to make two Division 7A amendments, which apply from 1 July and are now live issues for many private company shareholders and their advisers. An effective strategy needs to be in place, and executed, by 30 June 2010; it is too late to deal with the issues when preparing the income tax return.

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Author profile

Andrew O'Bryan CTA
Andrew O’Bryan, CTA, is a senior Tax Partner at Hall & Wilcox Lawyers. He has more than 35 years’ experience giving expert tax advice to private business and wealthy family groups. He has particular expertise in the tax aspects of succession planning and in managing complex disputes with the ATO. - Current at 24 September 2018
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