Resources
Our case studies, fact sheets and tax tips provide you with great insight into how Bates Cosgrave implements effective business, tax and accounting strategies for our clients.
Discretionary Trusts: Individual vs Corporate Trustee
Discretionary trusts provide a lot of benefits from a tax perspective but should you appoint an Individual or a Corporate Trustee?
Early Investors & Tax Incentives
The tax incentives are to provide concessional tax treatment for investors through non-refundable tax offset and a capital gains tax (CGT) exemption, provided investors meet certain eligibility criteria.
Starting a business
Starting up a business isn’t just about hanging up a shingle; it’s about building relationships, understanding customer needs and managing the people and resources you need to be successful.
Buying a business?
If you are considering buying a business, you need to understand both the positives and negatives before you dive in. Whilst it might be tempting to focus on the idea of being your own boss, owning a business is rarely a nine-to-five job.
Selling your business
If it has come time for you to sell your business – or you’re planning your business growth for a future sale – then it’s vital to be fully prepared to get the best price for your years of hard work.
Navigating the business needs of your financial function
Imagine that you're driving in an unfamiliar city and you're not quite sure of how to get to your destination. Even though you printed out directions before you set out, the reality is that your surroundings look nothing like the map on your passenger seat.
The Magic Hats of small business
Soloists wear many different hats. One day you’re a sales person, the next a marketing guru and the one after that you’re wearing the finance hat. On any given day you could be changing hats repeatedly, which is why you need good delegation skills.
SMSF – Individual or Corporate Trustee?
If you’re considering setting up your own SMSF in the near future, it’s important to get the structure right for tax and financial planning purposes.
SMSF: Avoid bare trust mistakes
Australians are increasingly setting up their SMSFs to hold investment properties under limited recourse borrowing arrangements (“LRBA”).
Australian Discretionary Trusts & Non-Resident Taxpayers
A decision by the Australian Federal Court has called into question the ongoing use of discretionary trusts because of the tax costs they create, however that has significant impacts for non-residents.
Australian tax residency: It's where you reside
A 'spouse and a house' are not criteria that are considered when it comes to defining residency for tax purposes – there are four tests that will determine whether you are a tax resident in Australia.
Australia and Israel Tax Treaty
Australia has signed its first tax Treaty with Israel, establishing a range of measures that Australian tax residents should be aware of if they have any cross-border interests in Israel.
Australian Domicile vs Permanent Place of Abode Overseas
Taxpayers who reside overseas will need to prove a permanent place of abode in order to not be taxed as an Australian resident.
Corporate Residency & the CMC Test
Changes to the application of the ‘central management and control’ (CMC) test has the potential to expose non-resident corporations and companies to Australian tax residency status.
Hybrid Arrangements Face Tougher Scrutiny
The Australian Government has issued guidance on the application of its tough new measures designed to prevent exploitation of so-called 'hybrid mismatches'.
Taxable Australian Property and Capital Gains Tax
If you currently own, planning to invest in foreign assets, or later become an Australian beneficiary of via a foreign trust, then there may be some unintended but serious consequences when it comes to capital gains tax.
Cross Border Tax: Avoiding Expensive Mistakes
Australia is asserting its taxation rights over foreign employment income whilst the taxpayer was a foreign tax resident.
Common Reporting Standards
Australian and foreign residents should be aware that many Australian financial institutions will increasingly be asking them to confirm their tax residency status when gathering information for financial products. Why? It is part of the implementation requirement for a Common Reporting Standard that is designed to help countries identify and combat tax evasion.
Companies Incorporated Offshore were Residents of Australia
If decisions about a business are being made in Australia, despite being incorporated overseas, then it is likely to be considered an Australian resident for tax.
IT Services Performed Overseas Subject to Royalty Withholding Tax
Foreign businesses in Australia need to understand the difference between royalties and business profits – and how each are taxed in Australia.
Asset Betterment and the Taxpayer Onus
Transfers of funds, particularly from overseas business interests, need to be substantiated and accurately reported to stay on the right side of the ATO
Tax Integrity Measures: ATO Targets Tax Evasion
As the ATO signals again its intention to pursue tax evasion via offshore tax havens, it continues to develop its capabilities in data matching.
Foreign Bank Transfers as ‘Income’
Australian taxpayers with foreign income sources need to be mindful of the way transfers are viewed by the ATO.
Foreign Investors and the Foreign Investment Review Board
Foreign residents who invest in Australian property assets should get professional cross-border strategy advice before acquiring or disposing of their investment. Not doing so could cost them in more ways than one.
Foreign Assets: The Onus Of Proof
When moving cash into or from Australia, resident taxpayers need to be mindful of the ATO’s data matching capability as well as ensuring they document how, when, where and why those assets are moved.
Removing the CGT Discount for Non-Residents
The Australian Government has removed the 50% Capital Gains Tax (CGT) discount for non-resident taxpayers with an unexpected sting for expats on temporary resident visas.
Australia & Switzerland Tax Treaty
Australia and Switzerland have signed a new tax treaty, replacing the 1980 agreement between the two countries.
Thinking about establishing a head office in Australia?
If you’re looking to expand your business overseas or setting up a head office in Australia, you may be interested to discover that recent reforms have greatly improved the attractiveness of Australia as a regional headquarters.
PAYG Withholding tax on international payments
If your business is making payments in the form of foreign salaries, interest, dividend payments or royalties then those payments are subject to PAYG withholding tax under Australian tax law.
Branch vs Subsidiary and Profits
If you’re considering setting up your business in Australia – or already have – then it’s important to understand that how you operate here can have some significant tax implications.
Doing Business in China
There is no doubt that China has become an important trading partner of Australia and small businesses are increasingly venturing into China. When doing business in China, you have to consider income tax issues.
COVID-19 and the creation of a permanent establishment in Australia
Australia closed its borders to foreign travellers in March 2020 and caught foreign nationals off-guard with their inability to return home. So what happens from a tax residency perspective when the presence of employees in Australia triggers scrutiny on permanent establishment?
COVID-19: What is the residency status of your company?
The Federal Budget flagged a number of changes to the corporate residency test with 'significant economic connection to Australia' and central management and control key parts of the review.
COVID and the Cross-border Workforce
Cross-border workforces have felt the immediate and now longer-term consequences of the COVID-19 pandemic and questions are being asked about how protracted travel restrictions will impact international tax strategy and residency.
COVID-19: Are you an Australian resident for tax purposes?
The Australian Tax Office has long signalled its appetite for data matching as a means to determine residency, but will COVID-19 restrictions challenge how it applies its residency tests?