Date posted: 26/05/2020

Division 7A – joint bodies request deferral of start date

Joint submission written to the Treasurer and Assistant Treasurer regarding the start date for the proposed Division 7A changes.

Chartered Accountants Australia and New Zealand, CPA Australia, Institute of Public Accountants, Law Council of Australia and The Tax Institute (the Joint Bodies) have written to the Treasurer and Assistant Treasurer regarding the start date for the proposed Division 7A changes. The joint bodies request that the start date be further delayed until 1 July 2022. The letter also requests that there be announced a:

  • Temporary reductions in the benchmark interest rate from 5.37% to the medium business variably lending rate (currently 3.46%) or lower
  • Temporary relief from minimum yearly loan repayments

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