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Division 7A - How to fix up a mess presentation


Practitioners continue to encounter Div 7A errors and omissions, many of which are “inherited” from another tax agent.This presentation considers:

  • practical ways to deal with Div 7A errors, including applying for the Commissioner’s discretion in s 109RB
  • what are the risks if practitioners “fix up” the error but fail to notify the ATO or seek discretion unders 109RB?
  • whether taxpayers can self-correct if they miss a repayment
  • how to prevent UPEs from becoming a problem, including the more obscure Subdivs EA and EB issues that can arise where a quarantined UPE remains in existence
  • the Board of Taxation’s report of its review of Div 7Awhich was provided to the government in June 2013.

Author profile:

Author Photo - Michael PARKER
Michael PARKER
Michael is Partner at Hall & Wilcox, Lawyers. Michael's practice focuses on Capital Gains Tax, business sales, acquisitions & restructuring and business sales & acquisitions.
Current at 22 October 2007 Current at 02 November 2007 Click here to expand/collapse more articles by Michael PARKER.


This was presented at Vic 1st Annual Tax Forum .

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