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Shareholder loans

Publication date: 13 Oct 97 | Source: TAXPAYER

Issue: Issue 8 97/98

Pages: pp. 133-135

Abstract:
In the 1997 Budget the Government announced its intention to amend the ITAA to require tax to be paid on loans made by private companies to shareholders where those loans are not on commercial terms. This article explains the proposed rules.

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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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