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June 27, 2025
Division 7A: What Every Private Company Owner Needs to Know
Division 7A is legislation designed to prevent private companies from distributing profits to shareholders or their associates in the form of loans, payments, or debt forgiveness instead of taxable dividends or wages. A common example of this is for a business owner to transfer money to themselves over and above their wage or for the business owner to pay for something on the company credit card that is not deductible. Whilst the rules are relatively complex, here is a summary of what you need to know.
News & Insights
The Tax Impacts of Division 7A Loans for Australian Business Owners
Division 7A of the Income Tax Assessment Act is a critical aspect of Australian tax law, targeting private companies that provide financial benefits to shareholders or their associates. If these transactions are not properly managed, they can be deemed unfranked dividends, leading to unexpected tax liabilities.
What's the Skills and Training Boost Tax Deduction?
Professional development is integral to most, if not all, workplaces and many of our clients have programs in place that mean team members can access additional training courses throughout the year. It means upskilling the workforce which can only mean good things for the economy! The ATO is rewarding such leadership with a new Skills and Training Boost. Read on to learn what it is, and if you’re eligible.
Working from home? Here’s what you can (and can’t) claim as a tax deduction
Whilst working from home for the self-employed has been commonplace for years, the number of employees working from home has boomed over the last couple of years for a reason we’re all well aware of: covid. For many, this change will remain permanent – whether it’s for the full five days, or on a part time basis with flexible working arrangements now a mainstay of Australian employment.
The Tax Implications of Cryptocurrency
Cryptocurrency has fast become a popular investment and payment method in Australia however all too often the decision to purchase doesn’t come hand in hand with the necessary tax knowledge. Here’s everything you need to know about cryptocurrency.
What Areas are the ATO Focusing on for the 2023 Tax Season?
The Australian Taxation Office (ATO) releases information regarding its areas of emphasis for tax returns each year. For 2023, these include rental property deductions, work-related expenses, and capital gains tax.
Changes to Depreciation Rules for Business
In 2020 during the COVID-19 pandemic, the government raised the immediate asset write off threshold to $150,000 for small businesses using the simplified depreciation rules then brought in Temporary Full Expensing (TFE), allowing many eligible businesses to claim an immediate deduction for depreciable assets. This measure was extended to 30 June 2023. After several years of such generous write offs, this is set to come to an end on 30 June 2023.
Which investment property repairs are tax deductible?
When it comes to investment property repairs, they can be tax deductible or must be capitalised as a renovation or improvement.
What’s Windfall Gain Tax?
WGT is a new Victoria State Government based tax occurring on rezonings after 1st July 2023 (originally drafted start date was 1st July 2022). The tax is aimed at land which results in a taxable value uplift to the land of more than $100,000.
Luxury Vehicles and Their Forgotten Costs
Have you had your eye on a Tesla for a while or perhaps an SUV to fit the kids and everything that comes with them in the boot? Thinking of pulling the trigger this year? Read on.
Fringe Benefit Tax and Electric Cars
With electric cars making up around 2% of Australia’s car market, it’s a small but rapidly growing sector.
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What’s a Self Managed Super Fund?
The world of superannuation is a tricky one to navigate – with countless fund options and equally as many deciding factors that go into where and with whom to invest your money, it can be hard to know what the right move is.
What is Succession Planning?
You’ll hear the term succession planning bandied around without necessarily knowing what it truly means.
What is the Small Business Restructure Regime?
In January 2021, the government introduced the Small Business Restructure (SBR) Regime, offering business owners an alternative to liquidation or voluntary administration.
