Australia

Taxation of private companies in Australia is set for a major shakeup after the Treasury released a consultation paper on changes to Division 7A.

The significant changes to the anti-avoidance measure are aimed at fixing the failings of the current Division 7A, raised in the Board Taxation report.

The proposed changes will affect any private groups with a company that makes any loans to shareholders or their associates, other than where those loans are repaid in the same year in which they are made.

While the changes to legislation are not to be implemented until 1 July 2019, private businesses can achieve the best outcomes by planning now.

William Buck’s trusted tax advisors are here to help you understand how the most significant changes may affect you and what you can do to prepare now.

We’ve set up this resource centre to share with you the latest updates as they happen.

Background

Division 7A is essentially an anti-avoidance measure aimed at preventing shareholders in private companies from accessing funds in the companies and using them for their own purposes, without paying the top-up tax.

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What You Need to Do

While the changes to legislation are not set to be implemented until 1 July 2019, private businesses can achieve the best outcomes by planning now.

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Proposed Changes

Check in here for our up-to-date timeline on the proposed changes to Division 7A as they’re announced.

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Resources and Submissions

Check in here to see our latest commentary and submissions.
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2019/20 Federal Budget update

Following the hand down of the Federal Budget on Tuesday 2 April 2019, we breakdown what it means for the proposed amendments to Division 7A.

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Questions

Contact one of our private business tax experts with your questions.

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