Live Webinar: Section 99B: Finally, Some Clarity from the ATO?

Section 99B ITAA 1936 was introduced in the late seventies, and it would be fair to say that it hasn’t been at the top of a tax practitioner’s toolkit for a lot of that time. However, with the ATO recently releasing a draft taxation determination and draft practical compliance guideline on Section 99B it seems to have grown legs to be one of the hotter topics within the industry. This session looks into why this is the case, including:

• Issues that can arise with sec. 99B and:
  • gifts or loans received from overseas (TA 2021/2)
  • the capital gains tax rules (TD 2017/23, TD 2017/24)
• How the timing of becoming a resident can impact on the application of sec. 99B (ATO ID 2011/93)
• Are there any risk issues with sec. 99B applying if a resident trust’s accounting income is higher than its taxable income?
• Can relief from sec. 99B be achieved by:
  • double tax agreements?
  • foreign tax credits?
• The record keeping requirements to support a position that sec. 99B doesn’t apply
• How are the ATO administering sec. 99B and are distributions and benefits from resident trusts in the firing line?
• What can we learn and what has changed with the publication of PCG 2024/D1 and TD 2024/D2
• Practical examples, including:
• a holiday home in a resident trust used rent free
  • managing the tax risk of a NZ family intending to make Australia home and bringing their trust’s funds with them
  • how a resident trust can inadvertently become a non-resident trust impacted by sec. 99B