What if the company had made the Division 7A payment by mistake?
- The Commissioner has discretion to exempt the application of Division 7A if the payment was made as a result of:
- an honest mistake; or
- an inadvertent omission.
In deciding whether to use the discretion the Commissioner takes into account the extent to which the parties have taken corrective action and application of the Division on earlier occasions.
Read some more FAQS from our Company Tax section