The Australian Taxation Office (ATO) has issued a release announcing Division 7A loan repayment extension relief due to the ongoing effects of COVID-19. Division 7A is intended to prevent profits or assets from being provided to shareholders or their associates tax free, by treating certain payments or benefits as deemed dividends.
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Extension of time to make minimum yearly repayments on Division 7A loans
We know this has been another challenging year for many due to the ongoing effects…