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ATO Announces Division 7A Loan Repayment Extension Relief for Taxpayers Affected by COVID-19

|Approved Changes|Australia
Australia

The Australian Taxation Office (ATO) has issued a release announcing that, as part of their response to COVID-19, a streamlined process has been introduced for an extension of the deadline for meeting minimum yearly repayments requirements under Division 7A on loan agreements between private companies and their shareholders. Division 7A is intended to prevent profits or assets being provided to shareholders or their associates tax free, by treating certain payments or benefits as deemed divid…

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