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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-Life
Photo of author, Arthur ATHANASIOU Arthur Athanasiou CTA (Life) practises mainly in the area of taxation advisory, with an emphasis on dispute resolution, particularly in the SME sector, with both the ATO and the SRO. Arthur has many years experience in complex tax litigation and tax audit negotiations and settlements. 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 qualified as a Chartered Accountant and also held senior taxation and management positions in the transport and motor vehicle industries. Arthur is a former President of The Tax Institute, has chaired the Law Institute’s Tax Law Advisory Committee for a decade and now serves on the Industry Advisory Board of the IPA-Deakin University SME Research Centre. 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. - Current at 21 September 2018
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