JNC Legal in Northbridge, Western Australia | Lawyer & law firm

JNC Legal

Locality: Northbridge, Western Australia

Phone: +61 8 9381 5355

Address: Suite 7, 99-101 Francis Street 6003 Northbridge, Western Australia, WA, Australia

Website: http://www.jnclegal.com.au

Likes: 51

Add/Update information

Reviews

Tags

• Lawyer & law firm

25.01.2022 ADVISERS TARGETED IN OFF SHORE TAX EVASION Earlier this year the ATO stated that as part of its focus on offshore tax evasion it has visited several times involved in advising our offshore arrangements and has contracted more than 100 parents who had their children’s school fees paid from overseas bank accounts. The ATO has compiled a list of advisers and promoters operating global and locally that have a direct link with people who may have eroded taxes. The Commissioner of ...Taxation said. The intelligence picture we know have has been built from information taxpayers disclosed under PROJECT DO IT about the adviser who put them into offshore arrangements, data mining and client records seized from advisers in transit. We’ll be visiting Australian advisers, including tax agents, legal advisers, financial institutions and stockbrokers to obtain their full client lists and identify those who have failed to come forward and clean up their tax arrangements under PROJECT DO IT. The information obtained under PROJECT DO IT relating to school fees paid to private schools around Australia revealed that the fees had been paid from an offshore account or related offshore entity. The ATO compared this information against income tax returns and is following up discrepancies with parents who may have failed to disclose offshore interest. The Commissioner said. There is nothing wrong with having an offshore account, but you need to pay tax on the interest or earnings Ref: ATO Media Release 8 December 2015

01.01.2022 Welcome to the first edition of our Tax Corner bulletins. Where we will bring you tax facts, cases of interest, media releases and tax payer alerts. We hope that you will find the reading interesting and informative. Here is the first one of the series, enjoy.... TRUST AND COMPLIANCE AND ANTI AVOIDANCE In February 2016 the ATO announced that it would be reviewing selected trusts compliance in conjunction with sections 100AA and 100AB of the Income Tax Assessment Act 1936. The anti- avoidance provisions contained in these sections have been implemented to prevent Trustees using entities that are tax exempt to protect the trust’s net income. The ATO is targeting instances where a tax exempt entity is entitled to income of trust estate has not been paid of notified of that entitlement within two months of the end of the financial year and the share of the trust net income is disproportionate to the entities entitlement to the trust income. If you are selected you or your accountant will receive a letter from the ATO. Ref: ATO Website Trust Compliance with anti avoidance rules