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Loans and Division 7A - don't be caught out paper


This paper seeks to:

  • provide a brief history of s 108 and Division 7A
  • draw upon history to help us understand the current application of both s 108 and Division 7A
  • consider what ‘loans’ are subject to Division 7A and the characteristics of such loans with special reference to the role of trusts and the concept of present entitlement in Division 7A
  • consider what is meant by distributable surplus as defined in s 109Y(2) of the Act and what help we may find in consideration of the term profit in the history of s 108 of the Act
  • consider the Commissioners Practice Statement PS LA 2006/2 and the treatment of statute barred loans
  • examine some common mistakes in the interpretation and application of Division 7A and some unanswered issues or maybe opportunities.

Author profile

Syd Jenkins
Photo of author, Syd JENKINS Syd is a Taxation Consultant with Moore Stephens Perth. He joined the firm in 1987 after fifteen years with the Australian Taxation Office. Since joining Moore Stephens, Syd has overseen the taxation advice provided by the Firm, and managed the taxation compliance function. He advises on both Federal and State revenue matters. The advice has extended from international structuring to personal wealth creation techniques. Syd consults to both the clients of Moore Stephens and is often asked to provide advice to other accounting and legal firms. In addition to consulting Syd provides advice as an expert witness in tax related litigation. Syd has lectured at various Universities in undergraduate and postgraduate taxation law, and tutored at Curtin University in postgraduate taxation law. - Current at 09 September 2015
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