The following videos, which deal with Division 7A matters, have been developed by the ATO in response to feedback from tax professionals received during webinars that it hosted over 2016.
Division 7A may apply when payments or loans are provided by a private company to a shareholder or their associate.
The resulting videos were produced with an aim to help practitioners manage their clients' Division 7A matters.Tax & Super Australia
Assistant Commissioner Fiona Dillon discusses common Division 7A mistakes that can be avoided by keeping your clients' personal and company finances separate.
What a "payment" is, and how it is treated under Division 7A.
Assistant Commissioner Fiona Dillon discusses complying loans under Division 7A.
If your client makes an honest mistake or inadvertent omission related to Division 7A, you should encourage them to apply for the Commissioner's discretion.
To access the ATO's Division 7A calculator and decision tool, click here .
Source: This article was first published by Tax & Super Australia at http://taxandsupernewsroom.com.au/
You can use Cleardocs to create a Division 7A Loan Agreement to avoid loans from a company to its shareholders or associates of shareholders being classified as dividends. You can read earlier ClearLaw articles on a range of company related topics.
Qualifications: LLB, University of Sheffield, LLM(CL), University of British Columbia
Georgia is a member of Maddocks Commercial team and assists in a variety of commercial and corporate matters for private, public and not-for-profit clients.
Her expertise includes advising on general commercial law, wills and estates law, charities and not-for-profit law along with corporate law.
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