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
To be advised
Comments
Draft TR 2022/D1 published on 23 February 2022. The comments period has been extended to 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
To be advised
Comments
Draft PCG 2022/D1 published on 23 February 2022. The comments period has been extended to 29 April 2022.
Contact
Christopher Ryan, Private Wealth
Phone: (02) 9374 2646
Christopher.Ryan@ato.gov.au
See also
[4033] Unpaid present entitlements of private company beneficiaries
Title
Final Taxation Determination
Income tax: Division 7A: when will an unpaid present entitlement or amount held on sub-trust become the provision of ‘financial accommodation’?
Purpose
This Determination will set out the Commissioner's view on when the unpaid present entitlement of a private company beneficiary will be treated as a loan for which there can be dividend consequences under Division 7A, as that beneficiary has provided ‘any other form of financial accommodation’ to the trustee.
Expected completion
To be advised
Comments
Draft TD 2022/D1 published on 23 February 2022. The comments period has been extended to 29 April 2022.
Contact
Justin Dearness, Office of the Chief Tax Counsel
Phone: (07) 3213 5745
Justin.Dearness@ato.gov.au
[4036] Beneficiary's share of the net income of a trust estate – present entitlement
Title
Draft update to Taxation Determination 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
September 2022
Contact
Tania Pfeiffer, Private Wealth
Phone: (08) 7422 2129
Tania.Pfeiffer@ato.gov.au
See also
We are developing advice and guidance on the following trust specific issues.