Proposed Changes to affect Shareholders in a Company
Recently the Treasury released a consultation paper proposing changes to the treatment of complying Debit Loans to Shareholders in a Company (Division 7A loans). The recommendation is that the proposed changes will come into effect on 1 July 2019. Division 7A is part of the Income tax Assessment Act 1936 and is intended to prevent […] Read More…
Fast-tracking tax cuts for small and medium businesses
The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years. Companies with an aggregated turnover of less than $50 million will have a tax rate of 25% in the 2022 income year (instead of the 2027 income year based on the previously legislated timeline). Similarly, […] Read More…
In the last week of the August Parliamentary sittings, the controversial corporate tax cut plan for the big end of town (i.e., companies with an aggregated turnover of over $50 million) was defeated. In addition, long-awaited legislation impacting the company tax and franking rates for small to medium companies (i.e., introducing a new ‘base rate […] Read More…
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