5 ways business owners can accidentally trigger a tax audit
It all starts with a notice from the ATO You are busy running your business, juggling the day-to-day and keeping busy with customers, employees and back-end work. Out of the blue, you receive a letter from the ATO telling you that an audit of your company and business operations has been completed. At the end of the letter, you find a full-course […]
Get your personal income tax position right
Get your personal income tax position right We will make sure you pay what you owe, and that you can show why that is the right number. Most people with a complicated tax return did not set out to have one. It accumulated. A rental property, some shares, a family trust distribution, a redundancy payment, […]
Understand the tax on winding up a solvent company
Understand the tax on winding up a solvent company We will tell you how the surplus will be taxed before the liquidator distributes it. A solvent company being wound up usually has money to give back. How that money is taxed depends on what it is made of and how it leaves the company. The […]
Understand the tax when a business winds up
Understand the tax when a business winds up We will map every tax obligation that closing the business triggers, and the order they fall due. Closing a business does not end its tax obligations. It triggers a final set of them, and several fall due after trading has stopped. Disposing of the assets can produce […]
Apply for a private ruling from the ATO
Apply for a private ruling from the ATO We will frame the question so the answer you get back is one you can actually rely on. A private ruling is the only way to make the Commissioner’s view binding before you act. You set out the facts and the question, the ATO applies the law […]
Understand your cross-border tax position
Understand your cross-border tax position We will tell you which country taxes what, and how to avoid paying twice on the same income. Two countries can each have a legitimate claim to tax the same income. That is not a loophole or a mistake. It is what happens when one country taxes you on where […]
Sort out your land tax
Sort out your land tax We will check how your properties are grouped, and whether the assessment is more than you owe. Land tax is assessed on what you hold, not on what you earn from it. That single feature is what makes it painful. A property that is vacant, negatively geared or between tenants […]
Structure an expansion offshore
Structure an expansion offshore We will design the offshore structure before you commit, because unwinding one afterwards is far more expensive. When you take a business offshore, Australia’s tax rules do not stay behind. A set of provisions exists specifically to tax income earned through foreign entities you control. The controlled foreign company rules, transfer […]
Check the tax before you sign a deal
Check the tax before you sign a deal We will tell you what a deal costs in tax while you can still change it. Most of the tax on a transaction is decided before anyone signs anything. It is decided by what is being sold, who is selling it, and in what order the steps […]
Work out the GST on a transaction
Work out the GST on a transaction We will tell you whether GST applies, who bears it, and whether you can claim it back. GST is unusual among taxes in that most business buyers get it back. That makes the real risk a contractual one rather than a revenue one. Say a contract expresses the […]