Division 7A & UPEs - Crunch Time is Now!
Published on 09 Mar 2012
| Took place at Citigate, Perth
Crunch time for dealing with unpaid present entitlements (UPEs) arising after December 2009 is upon us. Lodgement due dates for 2011 tax returns potentially trigger negative tax consequences for UPEs arising in the 2009/10 income year which have not been properly dealt with. It is vital for practitioners dealing with UPEs to have a strong understanding of the ATO’s position on these and a plan for managing their clients’ exposures.
The ATO’s ruling TR 2010/3 and Practice Statement PS LA 2010/4 have significant implications for clients operating a family trust with a corporate beneficiary. The Tax Institute was fortunate to have secured two senior ATO presenters for this event who explainrf the ATO’s position, in addition to senior tax practitioners who examined the implications of the ATO’s views.
The emergence of the UPE issue also provides an opportunity for practitioners to revisit some of the mechanics and provisions of Division 7A which may have been overlooked in the past, as well as some other recent changes to the legislation.
This event covered recent changes to Division 7A as well as focussing on the “sleeper” issue of calculation of a company’s distributable surplus.
Please note that the paper presented by Ross Prosper was written by Greg Nielsen and was originally presented at the Tasmanian Convention 2011 on 13 October and can be downloaded there.
Get a 20% discount when you buy all the items from this event.