Hold private use assets such as motor vehicles in a discretionary trust for use by beneficiaries rather than in a company to avoid application of recent Division 7A payment rules that deem the market value of use of a asset provided at no cost to a shareholder (or associate) as a deemed Division 7A dividend.
Disclaimer: We believe this information to be correct at the time of publication. It is general in nature, for guidance only and is not intended to be personal advice. It should not be relied upon without obtaining professional advice regarding your direct circumstances. No responsibility can be accepted by any publisher, author, editor, contributor or consultant for loss occasioned directly or indirectly to any person acting or refraining from acting wholly or partly upon or resulting from the material in this publication nor for any error in, broken link or omission from the publication.
© Copyright Andrew Lovett – All rights reserved. No part of this publication may be republished in any form or by any means, electronic, photocopying, recording or otherwise, without written permission.
Comments are closed.