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.
TAXATION INSTITUTE OF AUSTRALIA