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Section 109CA - Division 7A and the use of private company assets paper

Published on 29 Jul 10 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

This paper covers:

  • the provisions
  • dual capacity shareholders - Division 7A or fringe benefits tax?
  • distributable surplus
  • when does a benefit arise?
  • carve outs
  • valuation of benefits
  • allocation of benefits
  • GST and income tax considerations
  • what to do going forward?

Author profile

Darren Shone CTA
Photo of author, Darren SHONE • I hold a Masters in Tax from the University of NSW (2004), am a CTA (2007), a CPA (1994), and affiliate of the Institute of Chartered Accountants and hold a Bachelor of Commerce from the University of Newcastle (1990) • I have been employed continuously in the accounting profession since June 1991 • I have been in a specialist tax role since 2002 and have been the Newcastle based tax Partner for my firm since 2010 • I joined the Tax Institute on 28 May 2003 • I have been with my current employer (PKF) sine 7 February 2000 • I have been involved with the Tax Institute and its educational offering over a number of years, both on the NSW Education Committee since at least 2007 and worked with the education division in presenting for various modules of the Applied Tax and Advanced tax programs as well as acting as an examiner for the Advance tax program • I also assisted with the content and development of the Tax Institute education programs when Ruth Ferraro was in charge of that division • I have presented seminars for the Tax Institute and chaired other sessions • I have been responsible for delivering and coordinating all tax based training for my firm since 2002 • I frequently present for our firm on topical tax issues in live events and webinars - Current at 06 October 2020
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