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03 Jun 10 Division 7A loans: unpaid trust entitlements - TR 2010/3

On 2 June 2010, the ATO issued Taxation Ruling TR 2010/3 entitled "Income tax: Division 7A loans: trust entitlements". It was previously released in draft form as TR 2009/D8.

The Ruling expresses the Commissioner's opinion on the circumstances in which a private company with a present entitlement to an amount from an associated trust estate makes a loan to that trust within the meaning of s 109D(3) of Division 7A of Part III (Division 7A) of ITAA 1936, in circumstances where funds representing that present entitlement remain intermingled with funds of the trust.

The Commissioner's views on "subsisting unpaid present entitlements" in paras 19 to 26 of TR 2010/3 have not materially changed from those expressed in the draft Ruling.

On the same day (2 June 2010), the Commissioner issued draft ATO Practice Statement Law Administration PS LA 3362 entitled "Division 7A: trust entitlements". The purpose of the Practice Statement is to provide practical guidance on the administrative aspects of Taxation Ruling TR 2010/3.

 


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