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Why 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 MoreSuperannuation is the money set aside for your retirement. Since 1 July 2013, Australia and New Zealand have had reciprocal transfer schemes for superannuation funds between the two countries – referred to as the ‘Trans-Tasman retirement savings portability scheme. This allows for less hassle when you move within the Trans-Tasman bubble. However,...
Read MoreWhen will an overseas pension fund not be considered a ‘foreign superannuation fund’ under Australian law? The two big issues are generally whether the overseas fund is subject to ‘a condition of release’ - to wait until pension age (like in our super regime) and whether the offshore funds are held on ‘trust’ for the investor.
Read MoreWhen setting up a new company that is part of a group, you need to consider how the company will be funded. Setting up a company overseas creates further complications and considerations. To prevent multinational enterprises from shifting profits from Australia (or vice versa), thin capitalisation rules were introduced. The way an entity is capital...
Read MoreAs a tax agent, you have responsibilities to ensure that you meet the rules and requirements set out in the Professional Code of Conduct and Tax Agent Services Act 2009. As a tax agent, you have to be an expert in tax law, adapt your processes to various policy or law changes and manage client relationships, all while meeting your personal obligati...
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 MoreFor those in the business of selling a services that is attributable to your personal skills, knowledge and time, it is more than likely that you are earning Personal Services Income. There are special tax rules that may apply to your circumstances. What is Personal Services Income?
Read MoreAn employee share scheme is where you provide shares in your company to your employees. It is sometimes referred to as an employee share plan, employee share option plan or an employee equity scheme. Employee share schemes are often provided to attract, retain and motivate employees – by aligning employee interests with shareholder interests. The...
Read MoreDirectors aren’t liable for company debts – right? The Director Penalty Notice regime may make director’s personally liable for unpaid tax debts When setting up your company, one of the first benefits explained to you would have been ‘limited liability’ for you as a shareholder and director. As a company is an independent legal entity, liability is...
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