Section 100A reimbursement agreement

Briefly, section 100A will deem a presently entitled beneficiary to be not presently entitled where the present entitlement arose directly or indirectly out of a reimbursement agreement.

The mere presence of a section 109N complying loan agreement or a UPE held on sub-trust that reinvests in the main trust under one of the options set out in paragraphs 62-94 of PS LA 2010/4 would not ordinarily constitute a reimbursement agreement for section 100A purposes. We will review the facts and circumstances of each case and assess if there is a reimbursement agreement for the purposes of section 100A, having regard to the relevant law.

    Last modified: 22 Jun 2011QC 24445