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  • Advice under development – trust specific issues

    We are developing advice and guidance on the following trust specific issues.

    [3942] Section 100A reimbursement agreements

    Title
    Final Taxation Ruling
    Income tax: section 100A reimbursement agreements

    Purpose
    This Ruling will set out the Commissioner’s views on the exclusions from a ‘reimbursement agreement’ for:

    • agreements not entered into with a purpose of eliminating or reducing someone’s income tax, and
    • agreements entered into in the course of ordinary family or commercial dealings.

    Expected completion
    December 2022

    Comments
    Draft TR 2022/D1 published on 23 February 2022. The comments period was extended and closed on 29 April 2022.

    Contact
    Justin Dearness, Office of the Chief Tax Counsel
    Phone: (07) 3213 5745
    Justin.Dearness@ato.gov.au

    Title
    Final Practical Compliance Guideline
    Section 100A reimbursement agreements – ATO compliance approach

    Purpose
    This Guideline will set out the Commissioner’s compliance approach to section 100A reimbursement agreements.

    Expected completion
    December 2022

    Comments
    Draft PCG 2022/D1 published on 23 February 2022. The comments period was extended and closed on 29 April 2022.

    Contact
    Christopher Ryan, Private Wealth
    Phone: (02) 9374 2646
    Christopher.Ryan@ato.gov.au

    [4036] Beneficiary's share of the net income of a trust estate – present entitlement

    Title
    Draft update to TD 2012/22 Income tax: for the purposes of paragraph 97(1)(a) of the Income Tax Assessment Act 1936 (ITAA 1936) is a beneficiary’s share of the net income of a trust estate worked out by reference to the proportion of the income of the trust estate to which the beneficiary is presently entitled?

    Purpose
    This draft update will amend TD 2012/22 to take account of the decision in Lewski v Commissioner of Taxation [2017] FCAFC 145.

    Expected completion
    Mid 2023

    Contact
    Tania Pfeiffer, Private Wealth
    Phone: (08) 7422 2129
    Tania.Pfeiffer@ato.gov.au

    For more information, see Decision impact statement on Lewski v Commissioner of Taxation [2017] FCAFC 145.

    Last modified: 30 Jan 2023QC 57882