Division 7A handbook supplement
Now available electronically for all purchasersOn 30 July 2007 the Commissioner issued a practice statement which outlines the ATO's approach during a transitional period in which taxpayers may take specific "corrective action" to put themselves in a position that complies with the present Div 7A requirements (PS LA 2007/20). The corrective action can be taken in respect of the 2001-02 to 2006-07 income years and must be taken before 1 July 2008.
As part of the Division 7A handbook you will also receive a complimentary supplement (attached as a PDF) that explains the circumstances in which, and how, "corrective action" to overcome past Div 7A problems can be taken in accordance with the Commissioner’s practice statement that was issued on 30 July 2007 (PS LA 2007/20).
The Supplement is supplied without additional charge to purchasers of the Division 7A Handbook through the Taxation Institute and reflects developments that had come to TaxCounsel’s notice by 30 September 2007. We hope that you find this a valuable addition to the Division 7A handbook.
