A detailed overview of the changes coming to Division 7A and the action your clients need to take now to get ready.
The Division 7A rules are changing. From 1 July 2020, major reforms are coming and with the proposed changes due to take effect in a little over nine months time, it’s essential that practitioners and affected clients understand how they will be impacted and what they need to do to comply with the new rules.
Amongst the topics to be covered will be:
• An overview of the current Division 7A rules
• Proposed new Division 7A loan rules
• New rules to bring pre-December 1997 loans into Division 7A
• New treatment of unpaid present entitlements between a trust and a company
• The division 7A implications of forgiving a loan under the new rules
• Changes to the distributable surplus rules
• New safe harbour rule where company assets are provided to a shareholder
• Latest status update on the progress of the changes into law
Webinar Learning Outcomes:
Participants will gain an understanding of how the new Division 7A rules will apply and will be able to build a detailed action plan to transition their clients into the new regime, including an understanding of what needs to be done now to be ready for the proposed start date on 1 July 2020.
Tax Agents, accountants, lawyers and other professionals who act for private companies and associated entities (including individuals and trusts) with actual or potential Division 7A issues.
Since 2015, Mark Chapman has been Director of Tax Communications with H&R Block Australia. He writes regularly on tax issues for numerous media outlets and presents on topical tax topics at seminars and other events. He broadcasts frequently on radio and television and writes a regular column for Money Magazine and Yahoo7 Finance. As a tax practitioner in the UK, he occupied a number of senior positions before moving to Australia in 2007 to join the Australian Taxation Office (ATO) as a senior director. Mark is also the author of Life and Taxes: A Look At Life Through Tax published by Wolters Kluwer, CCH Australia.
Mark has over 25 year’s experience as a tax professional in both the UK and Australia, specialising in tax for small business and individuals. He is a fellow of the Institute of Chartered Accountants in England and Wales, a fellow of CPA Australia and a member of the Chartered Institute of Taxation. He holds a Masters of Taxation Law with the University of New South Wales.
You will be provided with:
• PowerPoint Presentation slide deck
• Any Supporting Documentation
• Webinar Recording to view multiple times for up to 6 months
• An opportunity to ask questions to the presenter