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Division 7A downfalls - why you should worry!

Published on 02 Mar 2005 | Took place at Hawthorn Receptions, Hawthorn, VIC

The expectations on professionals who advise on Division 7A matters has been raised further in light of the ATO's increased audit activity.

The continued popularity of the use of trusts brings further Division 7A issues under the microscope of the special trust rules.

This session addressed the common Division 7A problems that are often overlooked by advisers who need to have mastered these issues.

Along with technical papers, case studies were provided to illustrate the main points raised.

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Individual sessions

109XA, XB, XC - The new 109UB

Author(s):  Mark NORTHEAST

This seminar paper focusses on the practical implications of the new legislation using a number of case study examples.

This was also presented by Nigel Kingston at the Trusts Distributions: The new 's109UB' seminar held in Perth on 18 March 2004, and by Mark Northeast at the Taxation of Trusts - The New 109UB seminar held in Hobart and Launceston on 16 April 2004.

The paper includes some minor updates made by the author for presentation at the 'Division 7a downfalls' seminar held in Melbourne on 2 March 2005.

Materials from this session:

Debt relief dangers

Author(s):  Noel BEHARIS

This paper covers the following topics:

  • what is a debt?
  • when is a debt relieved?
  • failing to pursue debts - when is a debt statute barred?
Materials from this session:

Division 7A - quirks and Traps

Author(s):  Arthur ATHANASIOU

This paper covers:

  • basics
    • accounting for repayments
    • separate loan accounts, etc.
  • recent ATO update
  • quirks
    • guarantees
    • restructuring pitfalls
    • 'innocent' payments to shareholders and associates
  • advisers dilemma
    • new clients with old Div 7A problems - what do you do?
  • case study.
Materials from this session: