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Division 7A and use – significant changes from Exposure Draft to final legislative bill

Taxation in Australia | 1 May 10
 
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Published on 01 May 10 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

The Tax Laws Amendment (2010 Measures No.2) Bill 2010 proposes to extend Div 7A’s coverage to the use of private company assets by shareholders and their associates. This article focuses on the practical application of these use provisions and their exceptions. The article also explores practical ways that private companies and their shareholders may manage the use of company assets into the future.

Author profile

Dung Lam CTA
Dung Lam, CTA, is a Principal at West Garbutt and is based in Sydney. Dung has more than two decades of experience in advising on a wide variety of taxes including income tax, capital gains tax, GST and state taxes such as duty, payroll tax and land tax. Dung also has extensive experience advising on taxation trusts, superannuation issues in the self-managed superannuation funds arena and tax issues related to estate planning. Dung is a Chartered Tax Adviser, full member of the Society of Trusts and Estate Practitioners, an accredited Specialist in Business and Personal Tax with the NSW Law Society, a member of the Business Law Section Taxation Committee of the Law Council of Australia and a member of the NSW Law Society Liaison Committee with the Revenue NSW. Dung advises a broad range of clients ranging from corporates, small to medium enterprises, high net worth individuals, professional firms, accountants, financial planners and their clients. - Current at 17 January 2023
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