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Private Company Loans. Division 7A - practical ssues

Published on 23 Apr 99 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

Prior to 4 June 1987 s108 only applied when a private company made a payment to or for the benefit of a shareholder. When considering whether very old loans should be cleaned up this limitation on ATO power should be born in mind. Despite introduction of Div 7A loans to shareholders (or their associates) which are employment related also remain subject to the FBT legislation. This produces an onerous and confusiimg situation in which such loans must comply with two differing sets of legislative standards. Despite the introduction of Div 7A s108 remains operative as an alternative weapon for the ATO.

Author profile:

Leslie Szekely
Les Szekely BA LLM FTIA first worked as a solicitor and then taught commercial and revenue law at the University of NSW and then at Sydney University. Les joined Horwath in 1984 as a Senior Tax Manager and became a Tax Partner in 1987. Following the recent merger between Horwath and Deloitte, Les became Director of Taxation, Deloitte Growth Solutions. For nearly 20 years his professional career has been dedicated entirely to tax consulting for cross border transactions, business reorganisations, mergers and acquisitions. Les has been extensively published in CCH, Rydges, IBFD and Information Australia on both domestic and international issues. Current at 05 February 2009 Click here to expand/collapse more articles by Les SZEKELY.
 

This was presented at Division 7A and private company distributions.

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Private company loans. Division 7A

Author(s):  Les SZEKELY

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Division 7A and private company distributions

Author(s):  Peter ACHTERSTRAAT

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