Division 7A

July 1, 2020

Published by MC Tax Advisors at July 1, 2020

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Tax Bulletin

TAX BULLETIN – JUNE 2020

In June, Treasury finally postpone the proposed Division 7A changes which were scheduled to begin on 1 July 2020. With Parliament sitting again, legislation has also passed the Senate, including changes in relation to testamentary trusts and the extension of the $150,00 instant asset write off. The ATO are also starting compliance activity on the stimulus packages. LEGISLATION UPDATE Division […]

June 26, 2020

Published by MC Tax Advisors at June 26, 2020

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Division 7A

DIVISION 7A – EXTENSION FOR MINIMUM YEARLY REPAYMENTS DUE TO COVID-19

The ATO have released guidance and a streamlined application form for taxpayers who are unable to meet their 2020 minimum yearly repayment (‘MYR’) for Division 7A purposes due to being affected by COVID-19. Where the required circumstances have been met, the Commissioner will exercise his discretion to allow an extension of time to make the repayment until 30 June 2021. […]

June 1, 2020

Published by MC Tax Advisors at June 1, 2020

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Tax Bulletin

Tax Bulletin – May 2020

May has provided further updates on JobKeeper and the Cashflow Boost, including the ATO view on the ‘general’ ineligibility for the Cashflow boost where PAYGW registration has occurred post 12 March 2020. The ATO have also provided concessions on deferred lodgement dates and compliance with Division 7A. Further, with Parliament sitting again, legislation has started moving through Parliament. LEGISLATION UPDATE […]

July 29, 2019

Published by MC Tax Advisors at July 29, 2019

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Tax Bulletin

Tax Bulletin – July 2019

July has been busy on the legislation front with the reintroduction of lapsed legislation, as well as the introduction of measures originally announced in the 2018-19 Federal Budget. This includes the denial of deduction of holding costs for vacant land, which we have particular concerns in relation to. These and other updates are covered in our July Tax Bulletin. LEGISLATIVE UPDATE Denial […]