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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

Michael PARKER
Photo of author, 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
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This was presented at Vic 1st Annual Tax Forum .

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