Taxation of private companies in Australia is set for a major shakeup after the Treasury released a consultation paper on changes to Division 7A.
The significant changes to the anti-avoidance measure are aimed at fixing the failings of the current Division 7A, raised in the Board Taxation report.
The proposed changes will affect any private groups with a company that makes any loans to shareholders or their associates, other than where those loans are repaid in the same year in which they are made.
While the changes to legislation are not to be implemented until 1 July 2019, private businesses can achieve the best outcomes by planning now.
William Buck's trusted tax advisors are here to help you understand how the most significant changes may affect you and what you can do to prepare now.
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