Published on 18 Jun 08
by VICTORIAN DIVISION, THE TAX INSTITUTE
Aldous Huxley's novel of the same title portrays a disturbing view of a future utopia gone wrong. Could Div 7A be heading the same way? The Commissioner's amnesty in PS LA 2007/20 for Div 7A expires on 30 June 2008. What happens after that? What about pre-Div 7A or post-Div 7A issues that haven't been dealt with yet? What strategies should your client adopt in approaching the ATO for the Commissioner to exercise his discretion?
This paper considers these issues and illustrates some of the pitfalls but also suggests some real solutions to real Div 7A problems through the use of case studies.