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Division 7A - Making it even harder paper

Published on 21 Aug 09 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

This paper discusses the recently issued Treasury Consultation Paper on the tightening of the non-commercial loan rules in Division 7A. There are some very significant issues addressed in this paper that will impact on commercial arrangements, which previously fell outside of Division 7A. Examples are used to outline the situations currently under consideration for change by Treasury and the practical implications for practitioners. The paper covers:

  • use of company assets
  • tax avoidance using corporate limited partnerships
  • other significant technical amendments, including:
    • interposed companies and trusts
    • revaluation schemes
    • redefining "distributable surplus"
    • repayments
    • non-resident companies.

Author profile:

Terry LEWIS
Terry Lewis FTIA is a partner at Lewis Richmond. Terry’s knowledge and experience spans a broad range of tax issues relating to SME’s, including capital gains tax, tax losses and Division 7A.
Current at 16 July 2008
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This was presented at SME Intensive .

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Acquisition and divestment of businesses

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