Division 7A: Dante's Inferno
Published on 19 Feb 2003
| Took place at The Menzies Hotel, Sydney, NSW
So your client has a shareholder loan: Do you feel hot?
In Dante's world, the earth is at the centre of the universe and Hell is a vast funnel-shaped cavity. The sides of the cavity form a succession of concentric levels in diminishing circles as they approach the centre. The deeper you go the more serious the sin. Which brings us to
Step into the shoes of Dante and pass through the gates of the Tax Act towards the inferno that is Division 7A.
Some of the many difficult issues covered included:
- Section 109UB and trusts and the Treasurer's announcement
- What is a beneficiary account?
- Traps when liquidating a company
- Rulings and determinations that have turned 'up' or 'down' the heat
- Cases of sinners and the reaction of the courts
- Profits and the ATO's attitude to internally generated goodwill
- The anti-avoidance rules within Div 7A
- Section 108 and its relevance
- Prepaying interest on Div 7A loan.
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