Tax Disputes (Tax Controversy)
There are few things more daunting than a letter from the ATO/OSR that you or your associated entities are being audited. What are they looking for? What will they find? What did my adviser do? Did I keep all my records?
Tax disputes covers assisting clients with ATO/OSR audit queries (both formal and informal), meeting with ATO/OSR officers to discuss, eliminate or narrow the issues in dispute, considering the appropriateness of making voluntary disclosures, seeking the penalties safe harbour, negotiating settlements and/or payment arrangement and, if necessary (together with our legal associates), reviews or appeals.
You will benefit from extensive experience both within the ATO, private legal practice and the chartered environment in handling tax disputes to minimise the financial downside, personal stress and help you and/or your business move forward.
Simple and complex tax advice
As a business owner and/or investor, you are faced with a constantly changing commercial, regulatory and tax environment (both domestically and increasingly worldwide). At Economos, we add value to you and/or your business by providing both key transactional advice and strategic forward tax-planning opportunities that dovetail with your broader commercial objectives. You will benefit from:
1. extensive and varied experience in a broad range of issues facing taxpayers from individuals and SMEs to large listed corporates;
2. the ability to convey key concepts in a practical, digestible and meaningful way; and
3. our approachability and ‘care factor’.
Structuring your business or investment appropriately is the key to delivering both asset protection, tax efficiency and your broader commercial goals. Whilst there is no ‘perfect’ structure, it is about working through both your immediate and long-term goals to arrive at the most suitable structure for you and your particular circumstances given your strategic goals.
For example, whilst discretionary trusts are a flexible operating structure and facilitate access to the 50% CGT discount, they are not ideal in terms of implementing employee equity schemes.
At Economos, we tailor solutions specific to your needs and empower clients to understand, at a high level, how and why their structure works.
For a number of reasons, it is common for clients to be in the ‘wrong’ structure or, for whatever reason, their initial structure is no longer appropriate to their circumstances or future goals. Although restructuring often gives rise to CGT, duty and GST issues, our detailed knowledge of both the general and small business CGT rollover, duty and GST provisions means that we can restructure your organisation into a more suitable operating structure with minimal tax leakage (if any).
Cross border tax
As globalisation and the digital economy continue to change our lives in innumerable ways, small online start-ups can have the same cross-border tax issues as large multi-nationals. In this environment, advisers in the individuals and SME market must have detailed knowledge of the Australian international tax system and Australia’s network of Double Tax Agreements in order to ensure that clients are properly advised as to the tax consequences of cross-border transactions/operations as they form part of any meaningful due diligence in relation to:
1. Australian businesses expanding overseas;
2. Australians investing overseas;
3. foreign businesses expanding into Australia; or
4. foreign investors investing in Australia.
Our staff has extensive knowledge and experience in advising a range of clients from large US hedge funds to SMSFs investing in US property to SMEs expanding overseas.
We also have extensive experience in advising on residency issues for Australians heading overseas (pre-departure planning), foreigners relocating to Australia (pre-arrival planning) and how individual tax residency impacts on the tax residency of controlled entities) (such as companies and/or trusts). This extends to advising clients on eligibility for Australia’s temporary resident regime, the availability of relief under Double Tax Agreements and the taxation of cross-border employee shares schemes.