Inheriting an international client paper

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.

Author profile

Christopher Wookey CTA

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

More by Chris WOOKEY

• CGT and rollovers paper - 31-July-2020
• Div 7A and UPEs – The road ahead paper - 28-March-2019
• Transitioning a Company for Wind-Down or Exit, with case studies and discussion points for workshop leaders - 09-November-2017
• Division 7A – Cleaning up the loans and UPE mess paper - 28-July-2017
• Mining corporate accumulations: Share buy-back strategies paper - 18-July-2016
• Cleaning up the Div 7A loans and UPE mess paper - 27-May-2016
• Getting value out of companies paper - 06-November-2014
• Topical tax issues from small business and the decision in Taras paper - 27-May-2014
• Profit accumulation tax traps paper - 08-November-2012
• An accountant’s perspective paper - 25-May-2012
• Workshop 2 - CGT small business concessions and trust audit issues paper - 24-November-2011
• Getting down to business with Div 7A UPEs and s100A paper - 06-October-2011
• The brave new world of Div 7A in 2010 paper - 30-July-2010
• Offshore wealth - Accessing money overseas paper - 28-August-2009
• Entry and exit issues for professional practices paper - 12-October-2007
• Loans - tax aspects paper - 20-September-2007
• Lease incentives paper - 24-July-2007
• Loans: taxation paper - 18-July-2006
• Trust structures: Choosing between partnerships of trusts v unit trusts paper - 11-April-2006
• The Election Downsides - the 'so what' factor seminar paper - 09-June-2004
• Operational/Ongoing Financing seminar paper - 26-February-2003
• Trust disclosure requirements - 22-November-2001
• PAYG cash flow considerations - 11-April-2000
• Small business and individuals - 07-December-1999
• The PAYG installment system & its implications - 15-October-1999
• PAYG Installment System and its Implications - 07-October-1999
• Tax Q&A: ANTS, ABNs, GST and PAYG: don't miss the showdown at the ABN corral - 01-September-1999

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