ATO guidance on section 99B

On 31 July 2024, the Australian Taxation Office released its long awaited draft Taxation Determination (TD 2024/D2) and draft Practical Compliance Guideline (PCG 2024/D1) on Section 99B of the Income Tax Assessment Act 1936.

The Hall & Wilcox Tax team held a complimentary webinar on this critical issue for the private and SME market.

In this presentation Frank Hinoporos, Partner & Head of Tax, drew on practical experience managing section 99B related matters, explaining:

• when section 99B should be considered and the implications of it applying;

• what we know from TD 2024/D2 and PCG 2024/D1, and what is still missing;

• the (limited) judicial consideration of section 99B and what we learn from the case law;

• practical strategies for practitioners to proactively manage section 99B risk, in light of the ATO’s guidance; and

• how to effectively manage section 99B audits and disputes