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Private companies shareholders and associates; new rules for loans, payments and debt forgiveness

Publication date: 16 Feb 98 | Source: TAXPAYER

Issue: Issue 15 97/98

Pages: pp. 250-254

Abstract:
On December 4, 1997, the Government introduced measures which not only impact on loans made by private companies but also payments, forgiveness of debts and the provision of fringe benefits and superannuation to shareholders and associates - which also resulted in the company losing franking credits. This article provides an overview of these measures and highlights the dangers of private companies providing fringe benefits or making compulsory superannuation contributions after 4 Dec. 1997.

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Author profile

Mark Northeast CTA
Mark is a consultant to Pitcher Partners Melbourne. Mark specialises in advising privately owned businesses, and has been an active participant for over 10 years in various ATO forums concerning professional practices. He is currently an external participant member of the ATO’s Professional Firms Working Group. Mark is a regular presenter for The Tax Institute, CPA Australia, the Institute of Chartered Accountants in Australia and the Law Institute of Victorian on professional practice matters. - Current at 30 June 2015
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