Taxation Law FAQ - I've Restructured My Affairs To Rely On Tax Havens
Date: July 13, 2011
Q. I make a large income and over the years I have been to see my accountant and he has restructured my affairs to make sure that I am tax effective. Some of this restructuring has meant that we have relied upon tax havens where money is sent overseas and finally returned to me in Australia tax-free. Should I be worried about any of these arrangements as it just seems to be too good to be true. What should I do?
A. Normally where something seems too good to be true, it is, as no one can simply avoid paying all taxes. Should the ATO become aware that you have been sending money overseas and not paying tax on it for years then you can expect to be a person of interest and be referred to their serious non-compliance unit which is now a separate business unit within the ATO. Once they get onto you then you can expect the full force of the ATO to be levied at you to pay all back taxes, penalties and interests before the matter is referred for prosecution. Make sure you retain a tax lawyer before things get out of control.
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Author(s): LAC Lawyers
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Date: March 03, 2011
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Date: March 03, 2011
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Taxation Law - Personal Services Business Structures
Date: January 13, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary), Scott Gray LPAB, Grad. Dip. Legal Practice
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Taxation FAQs
Date: March 22, 2008
Author(s): LAC Lawyers