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Division 7A - Making it even harder paper

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Published on 21 Aug 09 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

This paper discusses the recently issued Treasury Consultation Paper on the tightening of the non-commercial loan rules in Division 7A. There are some very significant issues addressed in this paper that will impact on commercial arrangements, which previously fell outside of Division 7A. Examples are used to outline the situations currently under consideration for change by Treasury and the practical implications for practitioners. The paper covers:

  • use of company assets
  • tax avoidance using corporate limited partnerships
  • other significant technical amendments, including:
    • interposed companies and trusts
    • revaluation schemes
    • redefining "distributable surplus"
    • repayments
    • non-resident companies.

Author profile

Terence Lewis
In a previous life, Terry worked for the Australian Taxation Office, in the income tax audit area. When he left the ATO in 1994 Terry became a tax manager with KPMG Peat Marwick where he developed as a specialist in tax matters relating to business enterprises. His knowledge and experience spans a broad range of tax and structuring issues relating to business enterprises, including capital gains tax, Division 7A (shareholder loans and payments), Superannuation and GST. Terry left KPMG in December 2006 to set up the chartered accounting firm Lewis Richmond, which merged with William Buck in November 2012. He is now a Director with William Buck in the Business Advisory area. - Current at 10 September 2014
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This was presented at SME Intensive .

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Individual sessions

Division 7A - Making it even harder

Author(s):  Terry LEWIS

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Third party involvement in SME businesses - coming and going

Author(s):  Christopher KNOTT

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Managing debt in volatile times

Author(s):  Tony KEENAN

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Non-commercial losses

Author(s):  Adam FISHER

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Acquisition and divestment of businesses

Author(s):  Paul TANTI

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