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The Commissioner of Taxation (Commissioner) has had a long-standing view that an unpaid present entitlement (UPE) by a trust to a corporate beneficiary is a form of “financial accommodation” where the beneficiary can (but does not) demand the entitlement. This meant that in the Commissioner’s view, a UPEs could fall within the ambit of Subdivision B of Division 7A of the Income Tax Assessment Act 1936 (Division 7A).
The Federal Government has released exposure draft legislation for consultation, seeking to implement certain superannuation-related measures announced in the 2023-24 Federal Budget. Issues raised at the time the measures were initially introduced, including that the measures impose tax on unrealised gains in superannuation funds, continue to raise significant concern.
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