Welcome to the first instalment of S&W’s newsletter for our international associates. As support for all of our associated firms overseas, and to keep you abreast of the tax issues your clients may have when conducting their business or personal affairs in Australia, we will be doing a quarterly newsletter specifically for you. This is our first edition.
The newsletter will concentrate only on issues that face foreign resident businesses and individuals when they have dealings in Australia, so it will be very relevant to you and your clients. I hope you enjoy the newsletter.
Doing business in Australia
For general information on tax and other regulatory issues facing foreign business looking to trade in Australia, we have prepared a “Doing Business in Australia”. We hope that it is helpful to you, and would welcome any queries or feedback you may have.
Popular press on taxation of multinationals in Australia
Avoidance of Australian tax by multinationals is featuring prominently in newspapers in Australia, with stories of a global tax hunt with tax auditors camped out in the Australian corporate offices of some of the world’s biggest companies.
To find out how this could impact your clients, click here.
Project DO IT – ATO Amnesty for disclosure of offshore income
The Australian Taxation Office (ATO) amnesty on disclosures of assets or income overseas that they have not previously been made aware of is about to close on 19 December 2014.
The ATO initiative allows taxpayers to disclose assets or income overseas on a “no questions asked” basis. The ATO will then issue amended assessments to the taxpayer for the years where they are able to go back and review assessments under the tax legislation. This Period of Review will be different for most taxpayers depending on the type of income they have earned in the past and when assessments have been issued in recent years. In most cases the ATO will issue amended assessments for the 2010 year onwards but his may vary for some taxpayers.
The amnesty is only relevant to Australian tax residents. If you have any Australian resident clients, please refer to this more detailed article, or of course contact us to discuss.
Michael Goodrick
Happy to help you if there are any issues that you need clarified from the issues we raise in the newsletter. Feel free to contact me to discuss at michael@stanleywilliamson.com.au.
Darren O’Malley
As S&W’s Master of Tax, please feel free to contact me to discuss at darren@stanleywilliamson.com.au
*Correct as of December 2014
*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.
