checklist,preparedbyMooreStephensonbehalfofCPA

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1、Division7AChecklist2013Thefollowingchecklist,preparedbyMooreStephensonbehalfofCPAAustralia,willassistyoutodeterminewhetherDivision 7A applies.Tobecompletedbyallprivatecompanieseachyear.Thischecklistdealswithpayments,loansanddebtforgivenessthataremade(directlyorindirectly)byprivat

2、ecompaniesonly.PleaserefertoCPAAustralia’s2013Division7A:UPEChecklistforpotentialDivision7Atransactionsinvolvingtrustswhere:·aprivatecompanybeneficiaryisowedanunpaidpresententitlementbyatrustestate·apayment,loanoradebtforgivenessismade(includingpayments,loansanddebtforgivenessthr

3、oughaninterposedentity)bythetrusteeofthetrustestatetoashareholderoranassociateofashareholderoftheprivatecompany.A1.Doestheprivatecompanyhaveadistributablesurplusfortheyearofincome?YesNoHastheprivatecompanyadistributablesurplus(section109Y)fortheyearofincome?Iftheanswerisyes,Divis

4、ion7Acanpotentiallyapply.ContinuetoB1.Iftheanswerisno,Division7Acannotresultintheprivatecompanybeingdeemedtohavepaidanunfrankeddividend(inwhichcasethereisnoneedtoproceed).Note:1.Wherethedistributablesurplusoftheprivatecompanyislessthantheamountofanydeemedunfrankeddividendcalculat

5、ioninaccordancewithDivision7A,theamountofthedeemedunfrankeddividendwillbeproportionallyreduced(i.e.capped)tothebalanceofthedistributablesurplusexistingintheprivatecompany.NotealsothattheCommissionermayincludethevalueofassetsnotshowninthecompany’saccountingrecordsforthepurposesofd

6、eterminingthecompany’sdistributablesurplus,asdiscussedinTaxationDeterminationTD2009/5.2.Wheretheprivatecompanymakingtheloanorpaymentispartofataxconsolidatedgroup,onlytheaccountsofthatprivatecompanyaretakenintoaccountwhendeterminingthedistributablesurplus,asdiscussedinTaxationDete

7、rminationTD2004/68.3.Inworkingoutthecompany’sdistributablesurplusitisimportanttotakeintoaccounttheincometaxliabilitythatmayariseattheendoftheincomeyear,aswellasanyunpaidPAYGinstalments,asdiscussedinTaxationDeterminationTD2012/10.B1.Didoneofthefollowingtransactionsoccurduringthecu

8、rrentfinancialyear?YesNoTheprivatecompan