The High Court’s decision in Commissioner of Taxation v Bendel handeddown last week confirms what the Full Federal Court found last year: an unpaid present entitlement (UPE) owed to the corporate beneficiary of a discretionary trust is not a loan under tax law’s Division 7A rules.The Australian Taxation Office’s position, maintained since 2009, was rejected by Australia’s highest court in a five to two majority.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Why Bendel decision is not the silver bullet many hoped for
While the victory of accountant Steven Bendel over the ATO is being celebrated as a win for taxpayers, key questions remain.
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