/tax-controversy-partners-pty-ltd/images/FinalTCPLogo-02-q5053.png "Tax Controversy Partners Logo")
We are all familiar with the process of taxpayers lodging tax returns and the Commissioner issuing an assessment which determines their tax liability. For income tax, this is done using the Commissioner’s general assessment power in s 166 of ITAA 1936 or via the deemed assessment power in s 166A for full self-assessment
Read MoreOn 30 November 2021, the Taxation Law Committee and SME Business Law Committee of the Business Law Section (BLS) of the Law Council of Australia provided a submission to the ATO’s consultation on understanding approaches to working with vulnerable clients to identify opportunities to improve the client
Read MoreWhy would you need a tax lawyer when you may already be employing a registered tax agent to prepare and submit your tax documents to the ATO? Tax agents vs tax lawyers At first glance this may seem unnecessary BUT did you know that you, the client, are responsible at law for the information given to the ATO by your agent?
Read MoreIn a more globalised world (despite bans on international travel), we more commonly see taxpayers receiving distributions from foreign trusts – and not understanding whether they are taxable in Australia. Firstly, you need to understand the characterisation of the distribution – are the amounts corpus or income?
Read MoreIn the course of your taxpaying life, revenue agencies like the ATO may conduct a review or an audit of your tax or super affairs. While you may have an accountant or tax agent handling your routine affairs, tax laws are complex and reviews or audits also involve a lot of administrative law.
Read MoreSuperannuation is the money set aside for your retirement. When you move countries, it is important to understand what happens to your superannuation. In Australia, superannuation amounts from foreign super funds may be accepted to either a complying Australian super fund or you personally – however there are traps along the
Read MoreThe ATO and other revenue agencies have a broad power to calculate tax assessments on the basis of ‘other information’, rather than just relying on documents lodged by taxpayers. These are commonly called ‘default assessments’ and for the ATO often focus on ‘unexplained wealth’. Such ‘other information’ includes the results of ‘indirect audit metho...
Read More