Div 7A minimum payment extension due to COVID
With large swathes of Australia in the midst of another lockdown, the persistent effects of COVID-19 continues to hamper the economy and causing hardship for individuals. To assist shareholders or associates that have difficulty meeting minimum yearly payments under Div 7A, the ATO has announced a concessional extension to the payments until 30 June 2022. This extension can be applied for through a streamlined online form. Borrowers requiring a longer extension due to undue hardship are unable to use the streamlined form and have to apply to the ATO separately.
