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.