On 13 July 2022, the ATO issued its final position on the Division 7A consequences on unpaid present entitlements (UPEs) to corporate beneficiaries. This final tax determination was initially released in draft in February of this year and remains largely unchanged.
A draft ruling was issued in February 2022 where the ATO has targeted common transactions many trustees might have entered into in the past. This ruling seeks to stop commonly used trust distributions to family members.