Published Date: 29 Aug 2006
The Taxation Institute of Australia believes that there is a desperate need to conduct a general review of Division 7A of the Income Tax Assessment Act 1936 to restore for small business owners a degree of equity, and simplicity. Division 7A operates in a draconian manner in a number of respects, in particular in its application to business to business loans. Therefore, its operation should be limited to instances of abuse of the loan provisions, not inadvertances.
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This material is copyright. Apart from any fair dealing for the purpose of private study., research, critisism or review, as permitted under teh copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opininons are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
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