Important changes have occurred with respect to provisions contained in the Income Tax Assessment Act 1936, with the objective of ensuring that private companies will no longer be able to make tax free distributions of profits to shareholders (and their associates) in the form of loans or payments. The changes are incorporated into the Act in Division 7A (sections 109B to 109ZE). The vast majority of the legislation has an effective operational date of 4 December 1997, however a number of amendments were introduced at a later date and their effective date of operation is from 27 March 1998. Includes case studies.
maintenance