Profit Washing Scheme – Tax Evasion or Tax Avoidance?

PROFIT WASHING SCHEME USING A TRUST AND LOSS ENTITY – TAX EVASION OR TAX AVOIDANCE? The Australian Taxation Office (ATO) has raised concerns about profit washing schemes using a trust and loss entity since 2005. This case is a timely reminder for taxpayers wishing to enter into a profit washing scheme to think twice before […]

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Project Do It – Offshore Income Disclosure – Disclosing Foreign Income

PROJECT DO IT – YOUR RIGHT TO PARTICIPATE Project Do It is a recent ATO amnesty / initiative in 2014 urging Australian resident taxpayers to voluntarily disclose unreported offshore / foreign income and assets. Project Do It requires you to disclose your offshore foreign income voluntarily and amend your tax returns to correctly report your offshore […]

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Tax Fraud or Tax Evasion – Amending Assessments Beyond 4 Years Limitation Period

Tax Fraud or Tax Evasion – The Commissioner of Taxation may amend an assessment at any time if there has been tax fraud or tax evasion Generally, the Commissioner is only permitted to review a Notice of Assessment within 2 to 4 years from when it was first issued under section 170 of the Income Tax […]

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