Div 7A and COVID-19: ATO allows 12 month extension of time to make 30 June 2020 ‘minimum yearly repayments’ to avoid a s109E deemed dividend on ‘shortfall’

On Friday 26 June 2020, the ATO announced they would extend the 30 June 2020 due date for s109E ‘minimum yearly repayments’ of loans, that ‘comply’ with s109N of the ‘deemed dividends’ provisions, in Division 7A of Part III of the ITAA36 (Div 7A).

See below for further details.

[Tax Month – June 2020]

Ride sourcing services now eligible for taxi travel FBT exemptions – Treasury Laws Amendment (2019 Measures No. 3) Bill 2019 – Act 64 of 2020

On 22 June 2020, the Treasury Laws Amendment (2019 Measures No. 3) Bill 2019 received Royal Assent as Act No. 64 of 2020, bringing good news to employers. Amongst other things, the new Act has amended the FBT Law, so that the definition of ‘taxi’, in that Act, matched the definition in the GST Law.…

Where next for Australia’s tax system? How our tax system can help reboot prosperity for Australia – June 2020 (PwC Report)

The June 2020 PwC Report said its ‘Key Findings’ were – Australia entered 2020 with an economy growing slower than desired, but with public finances that were in a relatively strong position – low debt compared to most other advanced economies and a forecast Commonwealth budget surplus. See below for a further summary and the entire report. [Tax…