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Division 7A and pre-4 December 1997 debit loans- keeping the ATO's approach in perspective.

Publication date: 17 Mar 06 | Source: WEEKLY TAX BULLETIN

Issue: No. 11 2006

Pages: pp. 419-421

Abstract:
The recent release of Practice Statement PS LA 2006/2 (GA) by the Commissioner deals with the vital issue of how the Tax Office will deal with the operation of Div 7A ITAA 1936 to loans that were in existence prior to 4 December 1997 and have since become statute barred. It applies with effect from 4 December 1997.

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Author profile

Arthur Athanasiou CTA
Photo of author, Arthur ATHANASIOU Arthur, a Partner at Thomson Geer Lawyers, has many years experience in complex tax litigation and tax audit negotiations and settlements. Arthur’s main area of practice is taxation advisory, with an emphasis on dispute resolution, particularly in the SME sector, with both the ATO and the SRO. He also has broad experience in the taxation of trusts and SME entities, with an emphasis on Div 7A and high-wealth individuals and family groups. Arthur has extensive experience in all areas of direct and indirect taxation and has qualified as a Chartered Accountant. He has also held senior taxation and management positions in the transport and motor vehicle industries, with specialist experience in logistics, supply chain, chain of responsibility and contract warehousing. Arthur is the President of The Tax Institute as well as a State Councillor, and also chairs the Law Institute’s Tax Law Advisory Committee. Arthur is an Accredited Tax Law Specialist and a widely published writer on taxation issues. He regularly appears in the mainstream media, and presents at tax seminars and discussion groups. Arthur has been recognised in Doyle’s Guide 2015 as a recommended tax lawyer in Victoria. - Current at 12 April 2017
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