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The latest terrain for Div 7A and Unpaid Present Entitlements

Published on 03 Nov 2010 | Took place at Intercontinental Adelaide, North Terrace Adelaide, SA

Accompanying the release of Taxation Ruling TR 2010/3, the ATO has released a finalised Practice Statement offering practical guidance on the administrative aspects of the Ruling and its application to UPEs.

This event covered the practical application of the Ruling as outlined in the Practice Statement such as:

  • providing guidance for distinguishing between “Section two loans” from “Section three loans”
  • is it necessary to have a sub-trust in place for each UPE (and any requirements for a sub-trust)?
  • consequences where a “Section two loan” or “Section three loan” arises
  • if a UPE is deemed to be a Division 7A loan, when will it be deemed a loan?
  • self corrective options applicable until 31 December 2011.

Individual sessions

Division 7A and UPEs: The final practice statement at work

Author(s):  Joanne CASBURN This presentation covers Division 7A and UPEs - the final practice statement at work including:

  • history of issue
  • TR 2010/3: Loans to trusts and UPEs can be Div 7A loans
  • Section 2 loans: Ordinary loans
  • corrective options for Section 2 loans
  • Section 3 loans: UPEs arising from 16 December 2009
  • sub-trusts and UPEs that are not Div 7A loans
  • where to from here?
Materials from this session: