Spotting the tax risks for your clients re changes to Div 7A
|Venue:||Law Society Northern Territory, Level 3, 9 Cavenagh Streets, Darwin|
|Cost:||$99.00 incl GST|
|Level:||Suitable for all levels of legal practice|
Division 7A of the Income Tax Assessment Act 1936 may not be something you hear about every day, but all professional advisors for private companies need to know about it now and what they can do to prepare for th elikely changes effective 1 July 2019.
It is essential for lawyers to know how to spot Div 7A tax risks, as they come up unexpectedly and have unexpected (and adverse) taxation consequneces for clients - large and small when distributing income.
Div 7A issues arise where amounts (including trust distributions) are paid, lent or forgiven by a company or trust to a sharholder or an 'associate' of the shareholder )eg, a spouse or relatice of the shareholder). Under certain circumstances, such as amounts are treated by the ATO as taxable unfranked dividends. Being able to identify the tax implications of your clients' actions can save you and your clients a potentially difficult conversation with the ATO down the track.
Presented by: Tom Hendrick, Associate, Finlaysons, Adelaide
After working as a Taxation Technical Officer with the Australian Tax Office (ATO) for two years, Tom Hendrick became an Associate in Finlaysons' Tax and Revenue Team. Throughout his career, Tom has advised taxpayers across Australia, as well as ATO staff and other government departments.
Tom has a unique skillset having worked on tax disputes from both sides of the fence. He has a practical understanding of the tax and superannuation systems. Toms also works on a range of State and federal taxation matters and assists clients with tax-effective structuring, rulings, audits and objections.
Earn 1 CPD Point in Substantive Law (SL)