Published on 05 May 06
by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE
This practical paper addresses some of the more topical tax issues, developments and ATO opinions relating to debts. It will focus on issue identification and how to deal with those issues most commonly faced by advisors including:
- debt forgiveness - income issues
- assignments / debt parking
- interest deductibility (TR2005/12 - trustees and deductibility of borrowed money)
- managing debit loans
- accounting issues - unpaid present entitlements etc.
- interposed entities
- debt and equity - when it matters.