Michael Betts - Leadership Award

The Committee for Geelong has awarded Michael Betts the 2017 Annual Leadership Award, Congratulations Michael.

"We are  proud to announce that Michael Betts, Chairperson Emeritus of the Committee for Geelong, is the recipient of the Committee for Geelong 2017 Annual Leadership Award. We thank Michael for his service to the Committee for Geelong, and his continuing contribution to our community."

After many months of work we are thrilled to announce that our new and refreshed website will be live on Friday 1st September. You can find us at www.lbwca.com.au. The new design and colours reflect our new branding and includes a new and improved structure with drop down menus for both mobile and desktop versions. We have also improved the content so you can get more of an insight as to who we are and how we can help you and your business to grow.

We hope you find the new website fresh and engaging. For any feedback or questions please email us via our online form.

The Federal Government has mentioned Division 7a and unpaid beneficiary loan accounts in the last couple of budgets and now the ATO have released a Practical Compliance Guideline (PCG 2017/13) which outlines the implications of sub trust arrangements ceasing in the 2017 or 2018 financial years.

If we go back a couple of steps, the Federal Government following the Bamford case a few years ago now stated that they were going to re-write the trust tax law as it was getting all too confusing even for tax accountants and tax lawyers let alone the general business owner! This hasn’t been done, but they did add in a couple of small changes in relation streaming of capital gains and dividends form trusts. They also totally confused everyone with the unpaid loan account issue and Division 7a by introducing what we call “EA” and “EB” loans and sub trusts.