Published on 12 Apr 99
by QUEENSLAND DIVISION, THE TAX INSTITUTE
The most fundamental and important point about the new Division 7A is that it is not an anti-avoidance division. DIVISION 7A ITAA CONTAINS A BRAND NEW ASSESSING PROVISION. Because Division 7A will apply automatically the tax advisor's duty to his or her clients and the Profession are fundamentally altered. I will first discuss that aspect.I will then look briefly at section 108 before moving to a review of Division 7A. I will discuss the interaction between Division 7A and fringe benefits tax (FBT), which has also fundamentally changed from the old section 108.
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