2007

When is a Loan a Loan?

Source: Victoria

Published Date: 20 Sep 2007

 
What is a loan and when does it happen?

A client sees a loan as an everyday transaction through a business.

A lawyer says a loan results in a debtor / creditor relationship.

The accountant says a loan is whatever you want it to be!

Recent changes to the tax law and the ATO's announcement on corrective action make it imperative to know exactly when a transaction is properly a loan, a payment or a fiction.

In this seminar, a loan for accounting purposes was discussed and contrasted with the legal concept of a loan. The taxation implications were also analysed in detail. The ATO's Division 7A practice statement was also discussed in the context of corrective action.

Loans - an accounting aspect

Author(s): Craig Mccormick

Loans - tax aspects

Author(s): Chris Wookey CTA

Some legal aspects of loans

Author(s): Michael Bearman CTA
Materials from this session:

Details

  • Published On:20 Sep 2007
  • Took place at:Pals on Collins, Melbourne

The material is copyright. Apart any fair dealing for the purpose of private study,

research critisism or review, as permitted under the copyright Act, no part may be rerpoduced by any process without written permission from The Tax Institute.

Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

This material is copyright. Apart from any fair dealing for the purpose of private study., research, critisism or review, as permitted under teh copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.

Unless expressly stated, opininons are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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