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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:

Author Photo - Chris WOOKEY
Chris WOOKEY
Chris is a tax consulting director of GMK Centric (formerly Gaddie Metz Kahn), the accounting and tax services division of Centric Wealth, and has nearly 20 years’ experience in the chartered accounting profession. Over that time, he has advised many large corporates and international businesses, as well as privately owned groups, in relation to matters ranging from restructures, mergers and acquisitions to financing and profit distribution strategies. A fellow of the Taxation Institute and regular presenter at its continuing professional development seminars, Chris is a chartered accountant and holds the degrees of Bachelor of Business (majoring in accounting and economics) and Master of Taxation.
Current at 10 August 2007
Click here to expand/collapse more articles by Chris WOOKEY.
 

This was presented at Vic 1st Annual Tax Forum .

Get a 20% discount when you buy all the items from this event.

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Sustainability of our tax system and the case for major reform

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The trust bastion

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Reportable tax positions and active compliance developments

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Alternative dispute resolution

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When the tax man comes knocking

Author(s):  Ross BURNS

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Division 7A - How to fix up a mess

Author(s):  Michael PARKER

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Evidence: Defending you position

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M&A tax update

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Transfer pricing - The new landscape

Author(s):  Cameron Smith

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Part IVA - The new framework

Author(s):  Sue WILLIAMSON

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