Section 109N Loan Agreement

In addition to the above discretion, where a dividend accepted under Division 7A results from an accidental error or omission, the Commissioner is free, in accordance with section 109RB of the Income Tax Assessment Act 1936, to ignore the accepted dividend (subject to the conditions) or to have the dividend francized. Example 4 – Loans approved in writing before the loan date A loan is granted to a company at the time the loan amount is paid to the company as part of a regular loan or one of the above loans is made to the shareholder or his partner. .

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