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Division 7A

Published on 29 Aug 06 by THE TAX INSTITUTE

The Taxation Institute of Australia believes that there is a desperate need to conduct a general review of Division 7A of the Income Tax Assessment Act 1936 to restore for small business owners a degree of equity, and simplicity.  Division 7A operates in a draconian manner in a number of respects, in particular in its application to business to business loans.  Therefore, its operation should be limited to instances of abuse of the loan provisions, not inadvertances.

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