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.

We’ve set up this resource centre to share with you the latest updates as they happen.

Background

Division 7A is essentially an anti-avoidance measure aimed at preventing shareholders in private companies from accessing funds in the companies and using them for their own purposes, without paying the top-up tax.

Read More >

What You Need to Do

While the changes to legislation are not set to be implemented until 1 July 2019, private businesses can achieve the best outcomes by planning now.

Read More >

Proposed Changes

Check in here for our up-to-date timeline on the proposed changes to Division 7A as they’re announced.

Read More >

Resources and Submissions

Check in here to see our latest commentary and submissions.
Read More >

2019/20 Federal Budget update

Following the hand down of the Federal Budget on Tuesday 2 April 2019, we breakdown what it means for the proposed amendments to Division 7A.

Read more >

Questions

Contact one of our private business tax experts with your questions.

All the Latest From Our Team

100-day action plan: a superannuation perspective

Posted By William Buck News on 22/05/2019 05:07:38 am

In continuing our election coverage, superannuation expert Tricia Kleinig discusses the top five superannuation changes that should be in Scott Morrisons first 100-day action plan.…

Read More
Business as usual or R&D?

Posted By William Buck News on 14/05/2019 04:02:42 am

Helping innovative entities realise their worth The client Australian designers and manufacturers of AV, education, data, electrical and sheet metal products for over 50 years.…

Read More
Five times you might need to spend more than $3,000 on tax advice

Posted By William Buck News on 16/04/2019 09:25:22 pm

Australia’s tax system is complex, meaning the ability for a taxpayer to comply with their obligations can be a big challenge. Recognising the likelihood that…

Read More
30 pc tax plan creates compliance, without the burden

Posted By William Buck News on 04/04/2019 01:27:18 am

94 per cent of individual taxpayers should have a 30 per cent or lower effective tax rate, by 2024/25. This is the single most effective…

Read More