Thinking | 14 May 2020
Division 7A newsflash: call for further ATO cash flow assistance
As we have previously noted, cash is king in these uncertain times.
To date, the Australian Taxation Office has provided businesses with cash flow assistance through a range of measures designed to defer tax payments.
We have made submissions through the professional bodies that further assistance would be welcome – in the form of a deferral of the requirement to make the minimum yearly repayment (MYR) on complying Division 7A loans. The ATO appears to be listening.
In a fact sheet issued on 13 May 2020, the ATO says ‘The Commissioner will soon be issuing further guidance for those affected by COVID-19 with MYRs due for the year ended 30 June 2020.’
We will be keeping a close watch on what that guidance will be.
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Tax | 13 May 2020
In Talking Tax Issue 184 we discuss the Federal Court’s decision in the Greensill case, confirming the ATO’s unpopular views in TD 2019/D6.
We also take a look at Decision Impact Statement for the Burton case, a recent R&D tax concessions case and the automatic lodgement deferrals prompted by the COVID-19 pandemic.
Tax & Superannuation | 21 May 2020
Mobilising Private and Public Ancillary Fund philanthropic capital during COVID-19: Distribution ‘boost’ for FY20 and 21
Measures have recently been announced to incentivise greater philanthropic spending by ancillary funds as COVID-19 causes donations to slow during a critical time. The COVID-19 pandemic has also been declared a ‘disaster’ for the purposes of setting up disaster relief funds.
In this article we run through how these measures will apply in practice and how they will affect you.