Division 7A has operated under the Tax Office horizon for a period of time in the belief it overcame the weakness of the “old” Sections 108 and 109. There now appears to be an increasing momentum for audit action in this area as a result of some legislative and interpretive events. The paper focusses on three key areas (a working knowledge of Division 7A is assumed).
- Debt forgiveness - statute barred debts - implications for shareholders and companies
- Out with Section 109UB in with Section 109XA and Section 109XB - what do the changes mean and when do they apply
- Common misconceptions about the application of Division 7A.