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23 Jun 08 Last chance to fix certain Div 7A mistakes without penalty

In a media release issued on 19 June 2008, the ATO reminded taxpayers that time is running out for people to take advantage of a one-off opportunity to correct past tax mistakes for payments and loans from private companies without facing penalties or interest. From 1 July 2008, the ATO will resume audit work to ensure payments made by private companies are correctly accounted for and company loans are not used to distribute profits tax-free.

For a copy of the ATO media release, No 2008/31, 19 June 2008, go here

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