Taxation Law - Global Transparency: High Net Wealth Individuals, Tax Information Exchange Agreements and Multinationals: Country by Country Reporting - Part 4

Date: January 18, 2010

Authors: Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA

Other articles in this series;

• Taxation Law - Global Transparency: High Net Wealth Individuals, Tax Information Exchange Agreements and Multinationals: Country by Country Reporting - Part 1
• Taxation Law - Global Transparency: High Net Wealth Individuals, Tax Information Exchange Agreements and Multinationals: Country by Country Reporting - Part 2
• Taxation Law - Global Transparency: High Net Wealth Individuals, Tax Information Exchange Agreements and Multinationals: Country by Country Reporting - Part 3

The Australian Tax Office: Targeting High Net Wealth Individuals in the Spotlight

According to the OECD report, high net wealth individuals present tax authorities with challenges with respect to the following;

1. the taxpayers complexity of their affairs;
2. the amounts of tax at risk from particular countries, including Australia; and
3. taxpayers who potentially use Aggressive Tax Planning and;
4. the report discusses aspects of voluntary disclosure inititatives for past non compliance.

In order to understand the affairs of high net wealth individuals who have complex tax structures, the questions that have been raised in the report are as follows;

1. the residence and source of the taxpayers income;
2. the application of double tax treaties;
3. the application of the taxpayers foreign entities; and 
4. an understanding of the taxpayers links and relationships with each entity.

Since the release of the OECD report earlier this year on High Net Wealth Individuals, the Australian Taxation Office has stepped up its audits and those individuals who use offshore entities and or enter into aggressive tax planning. A key driver to all this, is the gathering and usage of information from publicly available information; such things include, but not limited to, the following;

1. magazines;
2. newspapers;
3. details about lifetyles;
4. properties;
5. personal interests
6. location from where the taxpayer conducts business;
7. internet search engines;
8. facebook;
9. myspace;
10. you tube;
11. court documents;
12. Australian Securties and Investment Commission;
13. Australian Federal Police;
14. Australian Crime Commission
15. Centrelink;
16. Interpol;
17. Land Titles Office;
18. Overseas tax authorities, e.g., Joint International Tax Shelter Information Centre; Aggressive Tax Planning Directory. This provides a platform for sharing non-taxpayer-specific information on aggressive schemes.

The above information allows the ATO to create a profile of the taxpayer, which then allows the ATO to build a prima facie case against the taxpayer who uses offshore entities and or uses tax shelters for the purposes for money laundering and or tax evasion.

Conclusion – Make an Unprompted Voluntary Disclosure to the ATO?

If taxpayers have an appetite for aggressive tax planning and or have in the past entered into aggressive tax planning using offshore entities, then it’s a good idea now to make an unprompted voluntary disclosure, which will, depending on your circumstances, reduce the exposure of being criminally prosecuted and also reduce the penalties imposed. In circumstances where you are found to be tax non-compliant the matter will be referred to the Commonwealth Director of Public Prosecutions for action. Whatever your circumstances, should you be at risk call Frank Egan of LAC Lawyers for timely taxation advice and assistance. Confidentiality is assured.

Tax Law - Debt Recovery - Freezing Assets and Mareva Injunctions

Date: November 15, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
The power to freeze assets is an integral part of minimising the risk to the revenue when dealing with assets where a taxpayer attempts to frustrate the tax office recovering the amount of any tax debt. It provides the Commissioner of Taxation with a tool to prevent a debtor from evading tax-related liabilities by dealing with assets in such a way as to frustrate the execution of a judgment. Freezing assets allows the ATO to minimise this risk.

Tax Law - Companies - Late Payments - Directors Penalty Notices (DPN)

Date: November 14, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
As of recent times we have been approached by a number of taxpayers who are experiencing difficulties in meeting their tax and BAS obligations. It is apparent that the ATO has a much lower threshold of tolerance where BAS obligations are not met on time they are now insisting on 50% of the outstanding balance due when a payment arrangement is being negotiated.

Tax Law - Failure to Lodge (FTL) Penalty - Exemptions and Remissions of the Failure to Lodge (FTL) Penalty

Date: November 10, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
The Commissioner of Taxation may remit an entity's FTL penalty on the grounds that is fair and reasonable to do so if the entity is able to show and prove how a specific event(s) have directly resulted in the taxpayers inability to lodge the documents on time. One matter which the Commissioner will take into consideration when considering to grant a remission is whether the entity has a good compliance history.

Tax Law - Failure to Lodge (FTL) Penalty - Provisions and Factors for the application of the Failure to Lodge (FTL) Penalty

Date: November 10, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
Even in the fast-paced world we live in today, every person who derives income, whether through employment or business, from Australia is obliged by the ATO to comply with all of their tax-related requirements on time and in its approved form. Should a taxpayer fail to lodge tax returns, statements, notices or any other document the ATO requires from a taxpayer, then they will most likely be charged with the FTL (failure to lodge) penalty.

Tax Law - Tax Assessments - Guidelines for Disputing a Tax Debt

Date: November 10, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
A taxpayer can prepare the objection themselves or have it prepared by an authorised person on their behalf (e.g. tax lawyer or tax agent provided that they have been given written authority (a signed declaration by the taxpayer certifying the details and documents provided are true) to do so.

Tax Law - Tax Assessments - Lodging an objection

Date: November 10, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
The raising of assessments by the ATO on a person or company are not absolute. There are instances where an assessment made by the ATO is unjustified. That said, taxpayers who are dissatisfied with their tax assessments and other decisions made by ATO have the right to object to some of them to ensure that any action taken to collect taxes and other tax related liabilities are in accordance with legislation.

Tax Law - Tax Debt - Disputed Debts - Legal Action

Date: November 10, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
The ATO believes that the longer a tax debt remains in dispute the harder it is to recover. Disputed debt will normally increase due to the application of penalties and interest as long as the debt remains outstanding or a suitable payment arrangement has not been made by the debtor.

Tax Law - General Interest Charge or GIC

Date: October 19, 2011
Author(s): Jonathan Lim B.A., LL.B. (Hons)
The ATO has several means of discouraging the late payment of tax liabilities. Of these, the most basic and universally applied is the general interest charge (GIC).

Tax Law - Tax Debts - The role of the ATO in Recovering Tax Debts

Date: October 17, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
Tax revenue is the biggest revenue stream for most countries. It is what funds roads, highways and bridges for trade and travel, it funds schools, hospitals and other institutions in service of the public; it is what finances the majority of the arenas, courts, stadiums or recreational centres; it makes relief efforts possible and delivers relief to those stricken by disaster.

Tax Law - Tax Debts - The value of security

Date: October 17, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
Security is the most effective way for an entity to prove to the ATO that the taxpayer has the financial capacity to pay the debt owed. The existence of securities allows the ATO to hold the debtor’s asset to effectively recover the debt.

Tax Law - Debt Recovery

Date: October 12, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
Over the last several months there has been a significant increase in the number of taxpayers who have approached us with respect to either actual or threatened debt recovery proceedings from the ATO. In a number of these cases the ATO is threatening to make taxpayers bankrupt or wind up their companies where they have been tax non-compliant over a period of time.

Tax Law - The ATO and Debt Recovery

Date: October 12, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
The current economic environment has meant that there are a number of people and/or businesses who are suffering financially. There is much commentary about the existence of a two-speed economy in Australia as we saw with GFC 1 and now with GFC 2. There will be an increase in the number of taxpayers whether company or individual who will be unable to meet their ongoing obligations.

Tax Law - Trusts - Bamfords Case - Part 2

Date: August 15, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
It is well-settled proposition in trust law that trust deeds can define what income is, provided there is an adequate definition of income and the trustee has the discretion to determine what is or is not income allowing the trustee to include in income what might otherwise not be income, such as capital gains in Bamford.

Tax Law - Trusts - Bamfords Case - Part 1

Date: August 08, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
Bamford’s case has settled how the definition of “income” in trust deeds is to be construed. Prior to this case there was a raging controversy as to whether the proportional or quantum approach was to be applied.

Tax Law - Foreign Exchange Losses (Forex Losses)

Date: August 05, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
In all taxation matters where clients have funds deposited overseas with a foreign bank account there can be issues where there are foreign exchange gains or losses. Many taxpayers who hold offshore funds need to be careful about how they manage these funds as foreign exchange gains and losses may or may not be deductible.

Tax Law - Money Laundering

Date: August 05, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
Money laundering is considered by all organs of the government to be hard-core criminal activity which must be rigidly controlled. It is regulated under the Anti-Money Laundering & Counter Terrorism Financing Act 2006 (Cwlth) (AMLF) which became effective in December 2006 and criminalised under others. The Cwlth Government wishes to ensure that businesses and/or individuals do not engage in money laundering.

Tax Law - Legal Professional Privilege - Protection For Clients

Date: April 11, 2011
Author(s): Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA
The legal professional privilege attaches to communications for the purpose of giving and receiving legal advice or for use in existing or anticipating litigation. It is will accepted that if a person prepares and then make a documentary communication to a legal advisor for the dominant purpose of obtaining legal advice, that documentary communication attracts legal professional privilege.

Tax Law - The Reach of Legal Professional Privilege

Date: April 11, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary), Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA
These propositions make it clear that any document being prepared with a view in order to obtain legal advice or to aid in the conduct of litigation even if it is only an aide-memoire has privilege attached to it from the time of creation.

Taxation Law - South African Voluntary Disclosure Program - Part 1

Date: February 22, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
On 17 February 2011 the South African Minister for Finance indicated that legislation would be introduced to allow a Voluntary Disclosure Program (VDP) covering the period November 2010 to October 2011. As with all voluntary disclosure programs the aim is to encourage applicants to disclose their tax non-compliance and be given the opportunity to become fully compliant taxpayers (Tax VDP) whilst at the same time regularising any contraventions of the Exchange Control Regulations 1961 (Excon VDP).

Taxation Law - South African Voluntary Disclosure Program - Part 2

Date: February 22, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
The South African authorities have produced a guide to assist applicants. As you have seen from the previous article the word applicant is to be construed very widely and includes all classes of entities to be found in South Africa. It catches all taxes of whatever type and catches all types of breaches of the South African Exchange Controls in some cases catching advisers.

Taxation Law - South African Voluntary Disclosure Program - Part 3

Date: February 21, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
Any entity recognized under South African law may apply to Finserv (VDP Division) for relief under the current Excon VDP for contraventions of the regulations prior to 28 February 2010 including South African residents who illegally took funds offshore which they either hold on a direct or indirect basis in any of a number of structures. By doing so successful applicants may regularise their exchange control affairs with respect to all unauthorized foreign assets disclosed in their application with no further action being taken against them.

Taxation Law - An Introduction to the Taxation of Trusts

Date: February 20, 2011
Author(s): Scott Gray LPAB, Grad. Dip. Legal Practice
While the declaration of a trust does not create a separate legal entity, common law does recognise the consequent fiduciary obligations imposed upon the trustee. Among those is the obligation to exercise control in accordance with the terms of the trust. It follows then that the trust, although not a separate legal entity, will be notionally treated as if it were for the purpose of determining the net income of the trust estate.

Taxation Law - Onshore and Offshore Voluntary Disclosure - Going it Alone - Traps and Pitfalls

Date: February 11, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
LAC Lawyers is one of the leaders in onshore and offshore voluntary disclosure. Currently initiatives have been announced in both South Africa and the USA offering reduced penalties and interest where a person comes forward for specified periods including the full extent of their tax non-compliance. In many cases taxpayers are prompted to prepare their own voluntary disclosure in order to save on professional fees.

Taxation Law - Tax Information Exchange Agreements - Part 1

Date: February 08, 2011
Author(s): Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA
Recently at both a national and international level there has been increasing attention given to the issue of tax evasion and the use of tax havens. In a foreword to an ATO booklet titled “Tax Havens and Administration”[1] released by the ATO, the Commissioner of Taxation Michael D’Ascenzo commented that the use of tax havens.

Taxation Law - Tax Information Exchange Agreements - Part 2

Date: February 08, 2011
Author(s): Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA
Double Taxation Agreements (“DTA’s”) are bilateral agreements between two countries which prevent double taxation and fiscal evasion . DTA’s are designed to foster cooperation between international tax authorities by enforcing their respective tax laws.

Taxation Law - Tax Information Exchange Agreements - Part 3

Date: February 08, 2011
Author(s): Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA
With the increased attention being given by the ATO and other government agencies to the issue of tax evasion in tax havens taxpayers need to be aware of current developments. The ATO has indicated that as a result of project Wickenby the ATO will focus on taxpayers engaged in tax evasion and will use new approaches (including the use of promoter penalty legislation) to target offenders.

Taxation Law - Tax Havens, Operation Wickenby and the role of Professional Advisors

Date: February 01, 2011
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
Even as the Offshore Voluntary Disclosure Initiative (OVDI) had been announced on 30 November 2009 the ATO continued to step up its efforts to combat tax havens. On 14 April 2010 the Tax Office announced that it had requested information from a number of banks which it would use to identify Australian taxpayers who have not disclosed offshore income or over-claimed deductions involving international transactions.

Taxation Law - Double Taxation Agreements (DTA)

Date: January 06, 2011
Author(s): LAC Lawyers
A double taxation agreement (DTA) is a bilateral tax treaty designed to eliminate conflict where income or gains might be subject to tax in more than one country. In particular, where relief is required to be granted from the simultaneous application of domestic tax laws in two countries, where it results in double taxation of the taxpayer.

Taxation Law - International Taxation - Offshore Banks

Date: November 23, 2010
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
2010 has proved to be an interesting year for the taxation team at LAC Lawyers as we have experienced significant growth in our taxation practice.

Tax Evasion - Offshore Activities

Date: September 24, 2010
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
All member countries of the OECD’s forum on tax administration including Australia are working together to identify taxpayers’ bank accounts linked to Lichtenstein to counter the effects of tax evasion. LAC Lawyers' Taxation team offer expertise in all aspects of Taxation Law. Call LAC Lawyers today on 1300 799 888 .

Taxation Law - Tax Havens and Information Sharing Agreements - Project Wickenby

Date: August 18, 2010
Author(s): LAC Lawyers
It is commonly known that there are many legal and legitimate transactions that Australian residents participate in which are located in offshore tax havens. Such transactions and arrangements are designed to take advantage of the tax benefits available in the relevant offshore jurisdictions.

Taxation Law - Voluntary Disclosure (OVDI) - Named or Un-Named (1)

Date: August 06, 2010
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
Over the last few months but more recently we have been preparing a lot of OVDI applications for submission to the ATO. What strikes us as odd is that quite a number of taxpayers have consulted professionals other than tax lawyers.

Taxation Law - The Background to Taxation Information Exchange.

Date: August 05, 2010
Author(s): Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA
With the increased fiscal leakage caused by tax evasion the OECD and countries in the European Union have raised concerns as to how the issue should be addressed.

Taxation Law - The Brussels Agreement - The Direct Involvement of the CIA in Banking and Revenue Matters

Date: August 05, 2010
Author(s): Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA
The Brussels agreement which was formalised in late 2009 is an important development to overcome the issue of banking secrecy in the European Union. It is an agreement between EU countries and the USA which provides the CIA with powers to access bank accounts held by individuals in the European Union.

Taxation Law - The Gathering Pace and Scope of Taxation Information Exchange

Date: August 05, 2010
Author(s): Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA
The importance of effective tax information exchange and effective transparency between countries is vital to a country’s well being and integrity of its tax system with inter country transactions.

Taxation Law - Offshore Voluntary Disclosure Initiative (OVDI) - A Question of Choice

Date: May 04, 2010
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary), Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA
There is now a choice offered to taxpayers who make a voluntary disclosure prior to the 30th of June 2010. The Commissioner states in his Offshore Voluntary Disclosure Initiative...

Taxation Law - Offshore Voluntary Disclosure Initiative (OVDI) - The Current Status of the ATO Concerning Tax Evasion and Tax Avoidance

Date: May 04, 2010
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary), Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA
From a government perspective, there is some concern that proceeds of crime have become associated with fraud, tax evasion and other criminal activity. For example, in 2005-06, the ATO’s Serious Non-Compliance Department achieved the following...

Taxation Law - Offshore Voluntary Disclosure Initiative (OVDI)

Date: April 27, 2010
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary), Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA
In recent months and especially with Project Wickenby there has been increasing attention in the press to the issue of tax evasion especially in relation to overseas transactions which are located in tax havens. In this respect many taxpayers may be under the belief that if there is offshore income there is little need to disclose it to the tax authorities as there is little possibility that the Tax office will be able to determine the nature of it.

Taxation Law - Global Transparency: High Net Wealth Individuals, Tax Information Exchange Agreements and Multinationals: Country by Country Reporting - Part 1

Date: January 18, 2010
Author(s): Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA
Recent attention by the media and statements by the Australian Tax Office (“ATO”) concerning Project Wickenby has raised questions of the scope of tax avoidance by taxpayers who use offshore tax havens

Taxation Law - Global Transparency: High Net Wealth Individuals, Tax Information Exchange Agreements and Multinationals: Country by Country Reporting - Part 2

Date: January 18, 2010
Author(s): Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA
An attempt to overcome some of the limitations associated with s 264A notices is by the establishment of Tax Information Exchange agreements (TIEA) with countries, which have some history and exposure to tax haven transactions.

Taxation Law - Global Transparency: High Net Wealth Individuals, Tax Information Exchange Agreements and Multinationals: Country by Country Reporting - Part 3

Date: January 18, 2010
Author(s): Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA
According to a briefing paper from the Tax Justice Network and to the UK Tax Minister country by country reporting means that Multinational Companies (“MNC”) report in its accounts without exception

Taxation Law - The Purpose of Tax Information Exchange Agreements (TIEA's) and the Current Status of Proposals for Australia on TIEA's - Part 1

Date: December 11, 2009
Author(s): Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA
In any attempt to reduce the impact of tax havens and discover any questionable cross border transactions, the role of TIEA’S is important. The exchange of information between jurisdictions serves three purposes for tax administrators

Taxation Law - The Purpose of Tax Information Exchange Agreements (TIEA's) and the Current Status of Proposals for Australia on TIEA's - Part 2

Date: December 11, 2009
Author(s): Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA
From a practical point of view, there is some concern that proceeds of crime have become associated with fraud, tax evasion and other criminal activity .As a result Commonwealth legislation has been introduced to address this issue whereby proceeds arising from criminal offences against Commonwealth laws may be forfeited.

Taxation Law - The Purpose of Tax Information Exchange Agreements (TIEA's) and the Current Status of Proposals for Australia on TIEA's - Part 3

Date: December 11, 2009
Author(s): Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA
While there has been considerable attention given to the issue of tax evasion there are a number of important issues that taxpayers and their advisers should consider given the formalisation of TIEA’s by Australian authorities with overseas countries and in particular some recognised tax havens

Taxation Law - An International Perspective; Examples of Abusive Tax Scheme Investigations in the USA - Fiscal Year 2009 - Part 1

Date: November 23, 2009
Author(s): Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA

Taxation Law - An International Perspective; Examples of Abusive Tax Scheme Investigations in the USA - Fiscal Year 2009 - Part 2

Date: November 23, 2009
Author(s): Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA

Taxation Law - An International Perspective; Examples of Abusive Tax Scheme Investigations in the USA - Fiscal Year 2009 - Part 3

Date: November 23, 2009
Author(s): Tony Anamourlis B.A., LL.B., MTaxLaw, GradDipLegPrac, SJD Candidate (La Trobe); ATIA

Taxation Law - A Lesson from Vanuatu

Date: October 22, 2008
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)

Tax Law - Vanuatu and the use of overseas tax havens

Date: May 08, 2008
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
For many years now a number of Australian taxpayers have been using overseas tax havens to shield their wealth from the Australian Taxation Office. Although there is nothing new in this it has come to greater prominence with the advent of Project Wickenby.

Taxation Law - Overseas Dealings

Date: March 13, 2008
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
Often clients want to use their accountant to lend legitimacy to their taxation affairs and to deny any knowledge of overseas dealings, interests or assets as they say their adviser filled out their return and answered questions about overseas interests, assets and holdings as "No". From that point on they have lost credibility.

Taxation Law - Tax Havens

Date: March 13, 2008
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
Tax havens enable tax evaders to conceal their assets and income offshore from scrutiny. They are readily identifiable from their lack of transparency and effective information exchange. Secrecy means that tax administrations operate on the basis that the taxpayer proves the bona fides of any arrangement/ scheme.

Taxation Law - Offshore Funds and Structures

Date: February 20, 2008
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
Often bogus/fabricated documents are relied upon by taxpayers to defend overseas interests/structures and locally claimed deductions. Why would anyone in their right mind enter into a multi million dollar contract for overseas IT consultancy, for example, in the Cook Islands, a tax haven, given that they are not known as a supplier of IT consultancy services like India.

Taxation Law - Offshore Non-Complying Arrangements

Date: February 12, 2008
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)

Taxation Law - Tax Havens and Non-Compliance

Date: February 11, 2008
Author(s): Frank Egan B.A., LL.B., A.C.L.A., F.T.I.A. (Notary)
Over recent years the Tax office has tightened up considerably on overseas arrangements and schemes which have been used to either secrete assets or hide income. Normally the success of these arrangements relies upon concealment using any of a number of structures to prevent detection including the use of tax havens.

Singapore - Foreign Ownership and Purchasing Property

Date: July 05, 2007
Author(s): LAC Lawyers
Foreigners can own both freehold and leasehold property in Singapore. There is no restriction on foreign ownership of residential property according to tenure.

• Tax on Foreign Income
• Offshore Tax Havens