The tax consolidation rules in Part 3-90 of the Income Tax Assessment Act 1997 offer Perth SME’s and their business accountants a range of benefits. This is especially so for private groups, family businesses, and small to medium enterprises (SMEs).

Many Perth business owners recognise the benefits of using a CFO for their business operations. From forecasting cashflow to structuring deals in Perth, business accounting, managing tax compliance, and setting long-term strategy, an engaged smart business CFO helps drive the operations and success of a successful professional family business.

As a non-resident SME doing business in Australia or operating with an Australian investment portfolio, GST is a tax that many SMEs consider very important. Managing your GST and BAS obligations is essential if your Australian SME operations are in Perth or across Australia. If you do not properly manage your GST obligations, the cost from top-line revenue could turn a profitable Australian business into a loss.

The ATO will ordinarily call your Perth tax accountant and tell them the review will start. At this time, the general scope of the review is given, the period during which the review is discussed, including when the ATO will forward their questions for review, and the intended completion date for the audit is presented. This point in time will often include a general discussion of the client’s activities and the type of activity being undertaken. It is ordinarily a very high-level discussion only. In rare events, the ATO officer will contact the client directly. This is rare and typically happens when the underway and the ATO officer is gathering additional evidence. In this blog we will consider how income in tax havens is taxed, what people when they have a tax haven, and alternative options to people who are looking at tax havens.