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The dark corners of Div 7A

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Published on 01 Jul 21 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

Division 7A of the Income Tax Assessment Act 1936 is scheduled to undergo major reforms. The last announcement by government scheduled those reforms to begin from 1 July following royal assent to the necessary amending legislation. At the time of submitting this article, it appeared that the reforms are unlikely to begin, for most taxpayers, until financial years beginning on or
after 1 July 2022. This article highlights issues with the current Div 7A rules, and discusses the proposed reforms and their impact.

Author profile

Andrew Noolan CTA
Andrew Noolan, CTA, is a partner in the Sydney law firm Brown Wright Stein Lawyers. His clients are accountants and lawyers in public practice that require advice on tax issues impacting on their clients. Andrew specialises in tax issues common to the SME and high wealth individual sectors. - Current at 17 May 2024
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