Published on 10 Oct 13
by VICTORIAN DIVISION, THE TAX INSTITUTE
What issues do you need to watch out for when you’ve taken on a new client who has relocated to Australia? How do you treat their offshore investments? Can you improve the tax treatment of their accumulated wealth? This practical case study highlights issues such as:
- ‘onshoring’ accumulated wealth
- loans from offshore (yes, Div 7A can apply)
- accruals (CFC) taxation of foreign entities’ income
- dealing with offshore retirement savings
- maintaining ownership of a foreign business.
This paper also provides participants with valuable tips and traps so they can understand when Australian tax issues are likely to arise for their clients.
Chris Wookey, CTA, was a principal in the tax consulting division of Deloitte Private in Melbourne. He has over 30 years' experience in the chartered accounting profession and is a member of The Tax Institute's SME & Tax Practitioner Technical Committee and the Victorian State Technical Resource Committee as well as a regular presenter at its events. His experience, centred on issues encountered by private groups, includes advising about the tax treatment of accessing wealth accumulated in various structures such as trusts, superannuation funds and especially companies, in addition to having been involved in the early confidential consultations about the upcoming Div 7A reforms.
- Current at
13 February 2019