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Offshore wealth - Accessing money overseas paper


Clients accumulate wealth in a myriad of different ways and store it in nearly as many different structures - especially those clients who have migrated to Australia or returned from overseas postings. This paper focuses on characterising a number of the unusual arrangements advisers may encounter as well as highlighting the technical issues related to them and some strategies which may be adopted to mitigate the exposure to tax costs. Topics covered include:

  • types of foreign entities typically used for passive investment;
  • peculiar foreign entities and how they are regarded under Australian tax law (eg foundations, purpose trusts, anstalts, stiftungs, guarantee corporations, LLCs, LPs, LLPs, REITs, foreign retirement savings and cell insurance companies);
  • Section 99B issues for immigrants;
  • planning approaches when advising people intending to migrate to Australia;
  • cross-border loans; and
  • application of the reimbursement agreement rule in section 100A - taking money from Australia offshore and bringing it back again.

Author profile

Christopher Wookey CTA
Photo of author, Chris WOOKEY Chris is now operating his own specialist tax consulting practice. Chris was previously a principal in the tax consulting division of Deloitte Private in Melbourne. A finalist in The Tax Institute’s Tax Adviser of the Year Awards for 2020, he has over 30 years’ experience in the chartered accounting profession and is co-chair of The Tax Institute’s SME & Tax Practitioner Technical Committee and a member of the Victorian State Technical Resource Committee. Chris was also a member of the Board of Taxation’s Reference Group for its recently released Review of Small Business Tax Concessions. His experience, centred on issues encountered by private groups and includes advising about applying CGT rollovers to facilitate moving from one entity structure to another. - Current at 16 August 2021
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This was presented at 17th National Tax Intensive Retreat: Extracting Value .

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Individual sessions

Recent developments relating to discretionary trusts - getting money out of trusts against the wishes of the trustee & appointor

Author(s):  Lisa HESPE

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