Division 7A Compliance Kit

Contributor: ShineWing Australia
Publisher: Thomson Reuters
Publish Date: 01/05/2013

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Division 7A Compliance Kit

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Division 7A Compliance Kit and Workflow

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Division 7A Compliance Kit - CD

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Div 7A Workflow Solution

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Division 7A Compliance Kit

Division 7A is a significant tax issue for shareholders of private companies, especially those operating through a trust structure. Division 7A is a complicated issue for practitioners.

The Division 7A Compliance Kit is the comprehensive guide to understanding the Division 7A rules. Consisting of detailed commentary on the Division 7A legislation, policy and precedents, the service also includes calculators to help you to perform all necessary Division 7A calculations, including minimum yearly repayment, distributable surplus, corrective action, and unpaid trust distributions.

Included in this service, is a "case studies" section which contains actual scenarios of Division 7A problems from practitioners and responded to by Thomson Reuters' team of expert writers. This is a very useful section for subscribers to understand and apply the Division 7A legislation.

Updated annually.

Content:

  • What's New!
  • Recent Developments
  • Overview
  • How Division 7A Works
  • Risk Analysis
  • Possible Solutions to Known Risks
  • Commentary
  • Source material
  • Case studies

Most SMEs and high-wealth clients have private company entities as part of their structure. Over time, the "distributable surplus" amounts can become staggering and if it goes wrong clients will look to their accountants to pay the tax.

The Division 7A Workflow Solution can mitigate if not remove this risk entirely through:

  • Providing an easy to follow nine-step process (flowcharts) identifying risks and solutions. The flowcharts are linked to the most current legislation
  • Covering the entire risk area including:
    • Unpaid Present Entitlements (UPEs)
    • Interposed Entities (both companies and trusts)
    • Corrective Action
  • Providing comprehensive electronic calculators for Excluded Loans and Sub Trusts which:
    • calculate annual interest and Minimum Yearly Repayments
    • provide corrective action calculators
  • Providing pro forma documentation in relation to:
    • Loan Agreements (secured and unsecured)
    • Sub Trust Agreements
    • letters to clients.

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