Wing v CofT – Company’s Small Business CGT exemption couldn’t save shareholder from Division 7A tax on deemed divided and shortfall penalty affirmed

On 23 Dec 2019, the AAT (Britten-Jones DP) held that an amount transferred from a company, to the taxpayer, was a deemed dividend, as the Commissioner contended, and a shortfall penalty was correctly imposed.

See below for a summary of the case.

[Tax Month – December 2019]