Division 7A is part of the Income Tax Assessment Act 1936 and is intended to prevent profits or assets being provided to shareholders or their associates tax free.
CPA Australia has created these resources to help with Division 7 returns for your clients.
The Australian Taxation Office website has a range of resources to help tax agents manage their client obligations in relation to Division 7A.
Taxation research and initiatives
The resources below discuss the impact tax reform has on households and the Australian economy
Income generated from trusts is treated differently to other sources of revenue. CPA Australia’s guides to trusts explain how to approach this.
ATO’s data matching ramps up and focuses on SME reporting
Here’s how to ensure your clients are correctly accounting for their income and use of assets.
PAYG, FBT, BAS and IAS Notices
These templates will help you communicate with your clients about pay as you go, fringe benefits tax, business activity statements and instalment activity statements.
New Zealand’s Inland Revenue targets tax compliance burden
IRD seeks input from tax practitioners and professional bodies as part of its bid to improve service.
TPB review: What it means for tax practitioners
The final report of the Review of the TPB has many noteworthy recommendations but more consultation is needed on implementation.