Private Clients
The ATO spotlight is back on Private Businesses - Are you ready?
The spotlight is back on private companies and trusts with new
laws and new ATO practice.
Significant changes have just been made to the treatment of loans
under Division 7A and the treatment of unpaid present entitlements
and the operation of trusts.
The changes to Division 7A are the most significant changes since it was introduced in 1997 and will affect the way that you carry on business. There may be a need to quarantine loans made before 16 December 2009. The trust changes may mean that trusts may no longer be effective to stream income.
Many businesses and their advisors have not kept up to date with
the changing environment and are not ready to deal with these
changes.
Now is the time to review your situation and do a health check on
these issues for your business.
What Moore Stephens can do
for you?
Moore Stephens will perform an initial review free of charge of your current transactions to ensure that they will comply with the changes.
Conducting this health check could save you from a costly ATO audit and give you the peace of mind to concentrate on growing your business.
It is an opportunity to consider restructuring the business for the future.
Please contact Stephen Adrian to arrange a complimentary meeting to discuss this matter.
Moore Stephens Melbourne authors a number of Australia's largest selling publications on tax matters, including Thomson Reuter's Division 7A Defence Kit and Division 7A Loan Calculator Toolkit and the "Accountants Manual". The authorship of these publications demonstrates our "ultra expertise" in this field. Your accountant probably uses these publications to advise you!
Private Clients Tax Update