Discussion about reforms to Division 7A has been bouncing back and forth between the tax practitioner community and Treasury/ATO for many years — since the end of 2012 in fact.
And while it’s been tempting to conclude that the powers-that-be perhaps don’t really want change, and were stonewalling us all along, a definite crack appeared in that wall with the May 2016 Federal Budget. It was announced that “targeted amendments” were planned for two years hence from that date — in other words, 1 July 2018. Readmore
