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NEW!! 2/02/10 Unpaid Present Entitlement (UPE)
There has been a draft ruling issued by the ATO (TR 2009/D8) that considers Unpaid Present Entitlement (UPE) from the family trust to an associate company to be a loan for the purposes of Division 7A of ITAA 1997. In the past it was a common consensus among tax practitioners to treat UPE separately from any loans for Div 7A purposes.
Unfortunately it has a major implications on a number of clients that have a trust and a company in their structures. We are watching closely these developments and will be speaking to all our clients that are affected. To discuss your personal situation as a priority please contact our office at your earliest convenience.
14/12/09 ATO's updated offshore voluntary disclosure initiative
On 30 November 2009, the Commissioner of Taxation, Michael D'Ascenzo, announced an update of the ATO's offshore voluntary disclosure initiative to encourage people to come forward and make disclosures in relation to their offshore activities.
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