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17 Jul 09 Submission on non-commercial loan rules in Division 7A

The Taxation Institute has lodged a submission with Treasury in respect of the Consultation Paper entitled "Improving fairness and integrity in the tax system - Tightening the non-commercial loan rules in Division 7A of ITAA 1936", which was released for public comment on 5 June 2009. Generally, the Taxation Institute supports the proposed amendments and recognises the need to address integrity issues.  However, the Taxation Institute has some concerns regarding: the date of application; unintended consequences that may arise; and increased legislative complexity and compliance costs.

For a copy of the submission, go here.

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