Drawings to and from the accounts of partners is an essential aspect of partnerships. In a recent PBR the ATO considered partnership drawings to be a loan or financial accommodation for the purpose of Division 7A. Are the PBRs an anomaly or will the ATO seek to disrupt the ordinary operation of partnerships? Dr. Campbell Rankine will lead the discussion on the intersection of partnerships and Division 7A.
Required Reading:
Division 7A implications of proposed contribution of capital