Sometimes you’ve got to play defence
The ATO pursues billions of dollars through surveillance and debt collection every year. Our extensive experience dealing with the tax office, and our knowledge around review and ATO audit processes, allow our tax consultants to provide the best outcomes for you, your family and your business. From managing Section 100A disputes, to transferring property into a trust, and tax advice relating to deceased estates, we’ll get you sorted with accurate tax advice.
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ATO Audits & Disputes
Learn more about ATO tax debtsThere are lots of reasons why an individual or business might have a disagreement with the Australian Taxation Office (ATO). Here are a few common examples:
- They think the ATO's got the amount of tax they owe wrong, or they can't afford to pay the whole amount.
- They're not sure how to classify some of their income or expenses, or if they're allowed to claim a tax deduction for them.
- They don't agree with how the ATO's interpreting the tax laws, either because they think the ATO's using the wrong law or applying it wrong.
- They're not happy with the results of an ATO audit, either because they think the audit was done badly or because they don't agree with the auditor's findings.
- The ATO's taking enforcement action against them, like issuing a penalty or garnishing wages, and they want to challenge it.
If you're in an ATO dispute, it's smart to talk to a tax consultant and figure out your options for resolving it ASAP.
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Division 7A Tax Law
Learn more about Division 7ADivision 7A is a part of Australian tax law that deals with payments or loans made by private companies to shareholders or their associates. It aims to stop private companies avoiding tax by giving tax-free dividends or loans to associated parties, instead of paying them as taxable income. If a private company makes a payment or loan that doesn't meet certain conditions, it has to be treated as a dividend, which is subject to tax.
There are exceptions, like payments or loans made as part of a company's regular business, or payments to repay something that was previously treated as a dividend under Division 7A. It's important to follow Division 7A rules to avoid big tax liabilities.
Not sure how it applies to you? Talk to a tax consultant.
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Section 100A & Trusts
Learn more about the use of discretionary trustsSection 100A is a rule to prevent tax avoidance by setting up complicated trust arrangements. Examples of situations that could trigger breaches of section 100A include:
- Transferring assets into a family trust with the intention of avoiding tax on those assets, rather than for any legitimate non-tax purpose
- Entering into a reimbursement agreement with the primary purpose of avoiding tax, rather than for any legitimate commercial reason
- Using a trust to receive income or capital gains that would otherwise be taxable in the hands of an individual or company.
In these cases, section 100A can apply, meaning a person has to pay tax on their share of the trust's assets, just as if they'd received the assets directly. If you have questions about transferring assets into a faimly trust, trust taxes and how they apply to you, get in touch with a BlueRock tax consultant.
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Who Pays CGT on Deceased Estates?
If you're dealing with a dispute with the ATO about a deceased estate, you're not alone. Here are some common issues that come up:
- The ATO and you might not see eye to eye on the value of the estate's assets
- The ATO might have a different opinion on whether certain assets should be taxed or get special tax treatment
- You might not agree with the findings of an ATO audit of the estate.
If you're in a dispute with the ATO about a deceased estate, it's a good idea to get some advice from a tax expert. We can help you understand your options and figure out a way forward.
