Compliance with Division 7A by companies and related parties requires a constant need to both educate clients about what they need to do, but also to assist them in resolving gaps in that compliance. It is also an area of ongoing focus by the ATO.
We continue to assist tax agents and their clients on Division 7A matters in the following ways:
Determining the implications for specific transactions, both for the companies and for any affected trust, individual etc.;
Pre-emptive reviews of client groups to identify the level of compliance and the consequences arising from any non-compliance;
Assistance with ATO reviews and audits of groups, including both risk reviews and preparation of submissions to the ATO;
Calculation of what is required to be done to meet the criteria for corrective action to apply;
Preparation of voluntary disclosures, or of requests to the Commissioner for corrective action to apply; and
Group restructures to assist with ongoing compliance with the law.