Want some information to pass along to your employees at tax time? Do they know how to access their income statement for the 2019/2020 tax year? Do they have a MyGov account? Download our Tax Time Essentials guide. Tax Essentials Guide
Division 7A Traps – Loan Repayments that are NOT Loan Repayments! Division 7A (or Div 7A for short!) is an anti-avoidance measure designed to prevent private companies from making tax-free distributions of profits to shareholders or to their associates in the form of payments, loans, forgiven debts or via the use of private company assets. [...]
Distributing to Corporate Beneficiaries and Division 7a Tax Consequences If you have a Trust in your operating or investment structure, it is crucial that you have a basic understanding of your Div 7A obligations. For those who’d like to undertake some additional reading on this topic, refer to ATO Tax Ruling TR 2010/3 or ATO Practice [...]
Dealing with Division 7a for Private Company Loans Division 7a (Div 7a) is a subject that comes up regularly for our clients that have a private company in their operating or investment structure. This is a complex area of taxation law and this article only scratches the surface. Div 7A deals with shareholders or a shareholder’s associate inappropriately [...]
I’d like to kickstart the discussion on crowdfunding and the pozible application of Income Tax and Goods and Services Tax (GST). Parties seeking crowdfunding generally adopt a donation based, rewards based, equity based or debt based model and there are generally three parties in a crowdfunding arrangement: the initiator of the project or venture (the ‘promoter’); the organisation providing [...]
