Extension on Division 7A loan repayments
Extension of time to make repayments on Division 7A loans To offer more support due to the ongoing effects of COVID-19, an extension of the repayment period is now available. It is available to those who were unable to make their MYRs by the end of the lender’s 2020/21 income year (generally 30 June). The […]
Deferrals of interest due to COVID-19
Many lenders have recently allowed borrowers with investment property loans to defer repayments for a period of time. While repayments are being deferred, interest (and fees) will usually be added to the loan balance (i.e. the deferred interest will be “capitalised”). However, it is important to recognise in such situations that, while repayments are not […]
Covid-19 and Division 7A relief
The ATO has announced some limited relief for private companies that have loans to their shareholders or related parties that are governed by what are referred to as “complying loan agreements”. A complying loan agreement is entered into to avoid triggering an assessable deemed dividend that could potentially be equal to the amount of the […]
OMNIBUSiness Tax Planning Edition
May’s Federal Budget has been postponed but it’s still tax time. We hope that you’re well and starting to develop strategies for your business to emerge from the COVID-19 coronavirus lockdowns reinvigorated! Many of our clients have availed themselves of the opportunity of asking us to perform a wider range of duties over recent months […]
ATO on property investments
Investing in property? The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they should know. Such as: they need a clearance certificate from the supplier when buying property over $750,000; they may have to pay the GST on the sale of brand new residential property […]
Company loans to shareholders
Company loans to shareholders under review The Government has released a consultation paper outlining proposed reforms to ‘simplify’ the loan agreements that are generally required when a shareholder (or their associate) borrows funds (or receives a payment) from a related company. Broadly, where a private company makes a payment or loans funds to a shareholder […]
Omnis Financial Planning Spring News
It’s spring cleaning time! As the days get longer and the weather starts to warm up, its time to do some spring cleaning! This can also mean spring cleaning your personal finances. Remember to regularly review your loans to ensure you are getting the best interest rates, as this can save you thousands over the […]
Loan Amortisation important in Forecasting
Omnis Group offers loan amortisation in forecasting Now it’s easy to try different loan configurations to see the impact this will have on your forecast. Recording loans in your forecast is essential for preparing accurate and meaningful cash forecasts, however, it can be a time-consuming exercise and prone to error. Using loan amortisation we simply […]
