Projects

Issue
Action
Outcome

Undisclosed overseas income and review letter by ATO.
Prepare submission including evidence under oath.
ATO acceptance of the submission and client position.

Issue
Action
Outcome

Default assessments by the ATO on rental income.
Reconstruct tax returns and negotiate penalties and interest.
Exclude ATO error duplication.

Issue
Action
Outcome

General interest charge exceeded primary tax.
Submission complying with PSLA and Tax Rulings.
A complete remission of general interest charge.

Issue
Action
Outcome

Payroll tax assessed on basis of employment agent, not contractor.
Took the matter to the NSW Civil & Administrative Tribunal.
Won the matter and payroll tax was not paid on the basis alleged.

Issue
Action
Outcome

Capital gains tax was not able to be paid following the sale of a business due to subsequent litigation.
Agree with the ATO that deferred payment of tax should take place until after the outcome of the court proceedings was known.
Agreement with the ATO and subsequent payment of the outstanding tax with reasonable remissions of GIC and penalties.

Issue
Action
Outcome

ATO assessed retailer on credit funds in the bank account.
Established the credit funds were not income - asset betterment.
The ATO allowed the objections and tax reduced to nil.

Issue
Action
Outcome

A leasing dispute as to definition of outgoings and what outgoings were covered under the lease.
Analyse the lease provisions and the outgoing expenses.
Prepared material for the lawyers to use for affidavit evidence.

Issue
Action
Outcome

Reduce super guarantee charge..
Analyse the ATO calculation and correct errors.
SGC reduced from $4.4 million to $530k.

Issue
Action
Outcome

Funding expansion of shopping centre without major tenant in place.
Work with real estate agent to obtain tenant and funding.
Obtained 4,000 sqm national chain operator and funded $23m of building expansion.

Issue
Action
Outcome

Asian manufacturing business not achieving its profit potential.
Involve the major key executives in a profit and equity employee plan.
Introduced employee share plan within the Asian country's guidelines and prepared the company for a public offering – results have improved dramatically.

Issue
Action
Outcome

A minority interest was being oppressed by the majority.
Negotiate the sale of the minority interest to the majority.
A successful sale with both sides accepting the position.

Issue
Action
Outcome

Machinery importer not achieving profit potential or market share.
Employ European CEO familiar with the machinery.
Obtained the CEO and put in place a share acquisition plan to take out the existing shareholders.

Issue
Action
Outcome

ATO Criminal Prosecution involving corporate financial transactions.
Provide material to substantiate flow of funds.
Enabled the Defence Barristers to cross-examine Crown witnesses.

Issue
Action
Outcome

Planning structure investment vehicle for non-resident Australian.
Registration of a foreign company in Australia.
Successful joint venture opportunities pursued.

Issue
Action
Outcome

Financial viability of a ticket reservation system.
Prepare feasibility studies including EIS computer strategy analysis.
Viability of reservation system questioned and the acquisition did not proceed.

Issue
Action
Outcome

A large overseas group was lodging separate audited accounts for ASIC for each of their Australian subsidiaries.
Obtain a class order from ASIC in respect of consolidated financial statements.
Obtained such class order with the result that only the holding company's accounts need to be lodged. Considerable savings in audit and accounting fees and confidentiality.

Issue
Action
Outcome

Disallowance of deductions by ATO on the basis that business had not commenced.
Prepare submissions to the ATO and argue before the AAT.
The matter proceeded in front of the AAT.

Issue
Action
Outcome

Whether to acquire a landscaping products business.
Tax Due diligence including environmental aspects.
The acquisition did not proceed as the acquisition was not financially viable and there were environmental issues unresolved by the vendors.

Issue
Action
Outcome

Instructions to European accounting firm for due diligence on acquisition of Pay TV network.
Provide tax and financial due diligence questionnaire and spreadsheets to enable assessment of acquisition by advisers to the Australian purchaser.
Purchaser did not proceed as the business was not viable.

Issue
Action
Outcome

The in-house asset rules for superannuation funds.
Considered potential breach identified and issue rectified.
Superfund complied with the requisite legislation after an enforceable undertaking.

Issue
Action
Outcome

Non disclosed offshore assets and income.
Take advantage of amnesty under Project Do IT.
Disclosure with ATO of 4 years income, no prosecutions and limited penalty.