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31 May 11 Unpaid present entitlements

If you have clients who are private companies, the ATO may be contacting you about any unpaid present entitlements from 16 December 2009 to 30 June 2010. By 30 June 2011, these entitlements are to be placed in a sub-trust for the benefit of the corporate beneficiary and an investment option selected.

Alternatively, they may elect to put in place a compliant loan agreement or repay the loan by the lodgment due date of the 2011 income tax return.

Self-corrective options applying to specific circumstances may also be accessed by 31 December 2011.

For more information go here