One 14 March 2024, the government released draft legislation coming good on its promise to reduce the bright-line period to two years and repeal the interest limitation rules.
The highlights are as follows:
The above is a summary of where things stand at the moment. We are still working through the draft legislation in detail and would not be surprised if there are issues with the drafting due to the haste with which it has been produced.
The observations above reflect the intention of the new legislation per the accompanying commentary. Hopefully the finalised form of the legislation accurately reflects that, but we will be keeping an eye on it and will post any updates as they come to hand.
We moved our business accounting to GRA twelve months ago and have never looked back. Matthew Gilligan and his team have consistently provided us with honest straight forward advice and have proved themselves to be honorable, trustworthy and efficient in all matters to date. The point of difference for us is that GRA do not charge their clients for every question asked (like most other accountants) which allows for better communication and understanding of how to run a successful company. GRA have impeccable time management systems in place and their customer service is outstanding. I recommend them to any other business that wants good solid advice with the aim of business success, asset protection and opportunities for sound investments. - A Ellis – EC Flooring Contractors Limited
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