News in brief…23 April 2024

ATO update: How to correctly manage Division 7A loan requirements; ATO update: Next 5,000 private groups engagement advice

ATO update: How to correctly manage Division 7A loan requirements The Australian Taxation Office (ATO) has issued a guide to assist taxpayers in correctly managing the requirements of a Division 7A loan. Division 7A can apply to loans, payments, or other benefits when an associate or shareholder accesses money from their private company, which – when not managed correctly – can result in the transfer of funds being treated as an unfranked dividend that results in larger than expected tax bi...

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Published Date: 23 April 2024