Published on 10 Oct 13
by VICTORIAN DIVISION, THE TAX INSTITUTE
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.