Debt Forgiveness for Trusts
Published on 29 Apr 2004
| Took place at Leonda by the Yarra, Hawthorn, VIC
The laws replacing Section 109UB have extended Division 7A to loans forgiven by trusts. The extension of Division 7A to loans forgiven by trusts supplements other tax laws relating to the forgiveness of debts, making for an increasingly complicated web of rules. As a result, all tax practitioners need to be much more careful about dealing with trust debts and loan accounts.