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Notes Online Home 2024 Tax Schools Day 2 Who's In The ATO's Audit Firing Line In The 2024 Income Year?
Division 7A Set To Be Put Under The ATO's Audit Blowtorch In 2024
This segment covers the ATO's focus on Division 7A audits in 2024, including concerns with non-complying loans, minimum repayments, loans to corporate trustees, and interposed entities, more specifically:
- Background to loans and Division 7A
- Concerns with non-complying loan agreements
- Concerns with shareholders’ minimum repayments following the increase in the benchmark interest rate
- Conerns with taxpayers overstating repayments
- Concerns with loans to corporate trustees
- Concerns with loans through interposed entities
- Concerns with taxpayers assuming that relief will be available to rectify Division 7A errors
- Client checklist: Staying ahead of Division 7A