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December 2020 International Newsletter

December 2020 International Newsletter

Current as of 23 December 2020
Volume 11

COVID-19 in Australia 
We like to refer to our country as “the lucky country”. While the current pandemic has brought its share of tragedies and certainly, compared to much of the world our luck has continued to be better than most.

We have watched with sadness news of the spread of the illness in other parts of the world, and hope that the rollout of the vaccine over the coming months brings some normality back.

With this in mind we wish all our colleagues overseas the best of luck in combatting the virus and hope you return back to normal very soon. Our full article on the effects of Covid19 and support from the Australian government is here.

Corporate Tax Residency Update
The government announced that it will make technical amendments to clarify the corporate residency test in order to return the treatment of foreign incorporated companies prior to the Bywater case.

If you have a client looking to set up in Australia, please review our recommendations and contact Darren O’Malley of our office to clarify any of your queries.

Choosing a structure in a foreign country depends on the after tax results in the Australian investor’s hands. Here why!
When we refer one of our Australian clients to an international colleague, the first step in the engagement is often to choose the foreign structure that gives our client the optimal outcome.  Several factors must be considered, but the global tax outcome is always one of the most important.

Understanding the global tax outcome requires an analysis of both the tax that will be payable in the foreign country, as well as the final tax to the Australian investors, so attached is a brief and basic summary of how Australian tax rules apply in various scenarios.

Here is the full article that explains why!

Wishing all our colleagues overseas a happy holiday
After a very difficult year we are sure you are all looking forward to a well-earned break over the holiday period. We are all hoping for a very uneventful 2021 – compared to what has transpired this year. 2020 will certainly be a year we don’t forget quickly.

Australia has survived the year in a reasonable business state and Stanley & Williamson has thrived during the year with client’s needing good advice more than ever, to navigate the difficult times that businesses has faced during the year.

Within the firm we have grown the product lines that we are able to deliver to clients, both locally and internationally. The product lines available within the firm cover all the usual areas including:
– Tax – local and international
– Audit and assurance
– Business advice and consulting
– Management accounting
– Bookkeeping and outsourced payroll
– Wealth and financial planning
– Finance and lending
– Superannuation

We can also refer you to our extensive network of professional colleagues who will be able to help you with any legal, insurance or other professional services that we don’t directly handle.

We will continue to provide this newsletter a few times a year to keep you advised of the issues in Australia that may affect your clients, especially if they are setting up businesses in Australia.

From everyone at Stanley & Williamson we wish you a happy holiday and profitable new year.

Michael Goodrick,
Managing Director

DISCLAIMER
This newsletter has been produced by Stanley & Williamson as a service to its clients and associates. The information contained in the newsletter is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this newsletter, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under Professional Standards legislation. 

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