The Australian Taxation Office (ATO) has issued a release announcing that, as part of their response to COVID-19, the 15 May 2020 lodgment date for 2018-19 company tax returns has been automatically extended to 5 June 2020. In addition, the release provides clarification on what is required to avoid Division 7A consequences. Division 7A of the Income Tax Assessment Act 1936 is intended to prevent profits or assets being provided to shareholders or their associates tax free, by treating certai…