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Item 46 - Unpaid present entitlement to a private company

Label Y - Unpaid present entitlement to private company

Show at label Y any amounts from the income of the trust from this year or a previous year of income to which a private company is presently entitled and that remains unpaid by the 'lodgment day'. If the amount is greater than zero, print in the CODE box at the right of label Y the letter D where during the income year, the trustee of the trustee estate:

  • made a payment that is attributable to an unrealised gain that discharged or reduced a present entitlement; or

  • made a loan; or

  • forgave a debt in favour of a shareholder (or an associate of a shareholder) of a private company with the unpaid present entitlement. Print in the CODE box at the right of label Y the letter X if none of the above transactions took place.

Lodgment day

The 'lodgment day' is the earlier of the due date for lodgment and date of lodgment of the trust's tax return for the income year in which the payment, loan or debt forgiveness occurred.

CCH References

6-100 Meaning of presently entitled

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