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Australia: Guidance on when tax authority may disregard operation of “Division 7A”

Discretion may only be granted in certain circumstances

June 26, 2024

The Australian Taxation Office (ATO) released an advisory explaining when the Commissioner of Taxation may disregard the operation of Division 7A or allow a deemed dividend to be franked.

The advisory provides that the discretion may only be granted if an honest mistake or inadvertent omission has resulted in a breach of Division 7A, the circumstances support the exercise of the discretion, and there is sufficient supporting evidence. The advisory further provides that reliance on professional advice does not always constitute an honest mistake or inadvertent omission, and that the adviser's actions must have contributed to the breach and the client's reliance on the advice must have been reasonable.

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