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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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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