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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
    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

    Last modified: 04 Apr 2022QC 57882