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23 Jun 11 Division 7A: trust entitlements – PS LA 2010/4 revised

On 15 June 2011 the ATO revised its Practice Statement Law Administration PS LA 2010/4, 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.

The revisions are, for the most part, relatively minor drafting changes. The following changes should be noted:

  • Paragraphs 32 and 34: Updated to provide additional guidance on what the ATO will consider acceptable as part of the self-corrective options which taxpayers may take on or before 31 December 2011.
  • Paragraphs 39, 40 and 41: Updated following publication of PS LA 2843 (draft) which covers the issue in greater detail.
  • Paragraph 56: Updated to provide greater clarity.
  • Paragraphs 57 to 59: Removed to be republished in a different product.
  • Paragraphs 63, 65, 66, 70, 71, 75, 78, 82, 83, 94 and 98: Updated to ensure that the commentary applies to taxpayers with an approved substituted accounting period.
  • Paragraph 89: Updated to provide greater clarity.
  • Paragraphs 119, 124, 137 and 141: Updated trust clauses.
  • Paragraph 128: Updated to provide greater clarity.
  • Paragraph 152: Corrected an error in the relevant year.
  • Paragraphs 214 to 255: Updated following publications of ATO view (TD 2011/15 and TD 2011/16) on 15 June 2011.