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Private company loans and payments: tough new rules


Important changes have occurred with respect to provisions contained in the Income Tax Assessment Act 1936, with the objective of ensuring that private companies will no longer be able to make tax free distributions of profits to shareholders (and their associates) in the form of loans or payments. The changes are incorporated into the Act in Division 7A (sections 109B to 109ZE). The vast majority of the legislation has an effective operational date of 4 December 1997, however a number of amendments were introduced at a later date and their effective date of operation is from 27 March 1998. Includes case studies.

Author profile

Terence Lewis
In a previous life, Terry worked for the Australian Taxation Office, in the income tax audit area. When he left the ATO in 1994 Terry became a tax manager with KPMG Peat Marwick where he developed as a specialist in tax matters relating to business enterprises. His knowledge and experience spans a broad range of tax and structuring issues relating to business enterprises, including capital gains tax, Division 7A (shareholder loans and payments), Superannuation and GST. Terry left KPMG in December 2006 to set up the chartered accounting firm Lewis Richmond, which merged with William Buck in November 2012. He is now a Director with William Buck in the Business Advisory area. - Current at 10 September 2014
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Division 7A - Overvies and case studies

Author(s):  Terry LEWIS

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