Published on 06 May 05
by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE
Getting the terms of both debit and credit loan accounts wrong can have serious tax implications for your clients. This paper focusses on what you need to review before 30 June 2005, particularly:
- what are the critical dates - which loans should be 'locked'?
- private companies and trusts
- statute barred loans
- at call credit loans at 30 June 2005
- non-share capital accounts.
In a previous life, Terry worked for the Australian Taxation Office, in the income tax audit area. When he left the ATO in 1994 Terry became a tax manager with KPMG Peat Marwick where he developed as a specialist in tax matters relating to business enterprises. His knowledge and experience spans a broad range of tax and structuring issues relating to business enterprises, including capital gains tax, Division 7A (shareholder loans and payments), Superannuation and GST. Terry left KPMG in December 2006 to set up the chartered accounting firm Lewis Richmond, which merged with William Buck in November 2012. He is now a Director with William Buck in the Business Advisory area.
- Current at
10 September 2014