Division 7A: Awaking the Sleeping Giant
Published on 25 Sep 2007
| Took place at Hobart, Melbourne, Geelong, Perth, Adelaide, Newcastle, Brisbane, Sydney and Orange, National
This roadshow series was held in:
- Hobart on 5 July 2007
- Melbourne on 12 July 2007
- Geelong on 13 July 2007
- Perth on 17 July 2007
- Adelaide on 18 July 2007
- Newcastle on 20 July 2007
- Brisbane on 23 July 2007
- Sydney on 24 July 2007
- Orange on 25 September 2007.
For many, the application of Division 7A leaves practitioners in a quandary. The provisions were far too easily breached, and the resultant 'solutions' unpalatable to both clients and advisers. In this way, Division 7A has become a sleeping giant for all who must deal with it.
On 9 December 2006, Minister Dutton announced sweeping changes to address the compliance issues associated with the Division. Legislation to effect these changes was introduced into Parliament on 10 May 2007.
This roadshow reviewed:
- the changes and provided practical advice on just how far the changes extend
- the likely actions that can now be taken to mitigate existing Division 7A exposures
- the ongoing risks facing taxpayers in this area.