Division 7A remains forever changed because the Commissioner has an unfettered discretion to ignore the operation of Division 7A since 2002. Although Practice Statement PSLA 2007/20 has since lapsed, the only way in which any previous Division 7A issues can now be dealt with is by seeking a favorable exercise of discretion by the Commissioner. This presentation covers:
- what needs to be disclosed to the Commissioner and more importantly what shouldn't be disclosed
- tips and traps in dealing with the ATO on Division 7A.