We provide expert legal advice and representation in the following practice areas: • Australian Taxation • ATO Tax Disputes, Audits/Reviews, Objections • Business/Corporate • Not for profits, including aged care industry • Charities, including setup advice & applications • Trusts Our clients include: • High wealth individuals & private groups • Global businesses • NFP & Charity boards We assist our clients to: • develop internal systems to streamline and enhance business and taxation practices, and in doing so, reduce the burden of compliance. • operate more effectively long term by eliminating ‘pain points’ and implementing straightforward ways to manage legal affairs into the future. • prepare and negotiate agreements to appropriately limit risk and liability, while also setting reasonable and clear expectations for all parties. • engage leading advisors through our extensive network spanning a range of industries & specialties. ••••• Content Disclaimer ••••• Information published by this page and its admins is of a general nature only and does not take into account your objectives, financial situation or needs. You should seek personal financial, tax, legal and such other advice as necessary or appropriate before making any financial investment or other decision. This firm - The Little CFO Legal® - accepts no responsibility or any form of liability from any reliance upon, reproduction or use of any content posted or shared on this platform, LinkedIn, nor the content posted by this firm which is then shared to another online platform. Should you require legal advice please contact us so that we may provide advice relevant to your specific circumstances. Liability limited by a scheme approved under Professional Standards Legislation.
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Sydney, New South Wales 2000, AU
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Melbourne, Victoria 3000, AU
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🎄 ScotPac Business Finance A wonderful way to spend the evening at The Calile Hotel celebrating 2024 with you all! 💐special thanks to Allegra Majer-Smith for organising another great #ScotPac event! Looking forward to a fantastic 2025! Magdalen Cirson Peter Brown Greg Fisher Jason Brock Dayan Abeyegunawardene Adam Thorpe Catherene Schutze The Little CFO Legal® #TaxAdvice #ATOdisputes #TaxLawyer #Christmas2024
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Automated Litigation Searches | Customer Due Diligence | Vendor Due Diligence | Credit Risk Assessment
Here is the link to our latest credit risk insights, I hope you enjoy the read -https://lnkd.in/g7U5e8jp #creditrisk #creditmanagement #creditriskmanagement #creditmanager #creditmonitoring #duediligence #buildingconstruction #insolvency #knowyourcustomer #kyc
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#ATOobjections The #IGTO has recommended changes to make it faster and simpler for all taxpayers to lodge an objection with the ATO and recommended that the ATO further develop its structured feedback framework between the objections function and all business lines. The report* highlights 4 areas of improvement: 🔸 increasing accessibility by extending online lodgement to all taxpayers. Currently, only registered tax agents can lodge objections electronically. All others, including taxpayers and other tax professionals, are required to use paper forms which are either mailed or faxed. The report recommends that the ATO prioritise the “Optimising Disputes” project to deliver an online channel for taxpayers and tax professionals to lodge objections electronically. 🔸 streamlining processes to reduce time and resources devoted to high volume, low risk objections. 🔸 increasing taxpayer engagement to speed up the time taken to complete an objection. 🔸 learning lessons from objections to prevent the number of objections needing to be made. The review found that a material portion of disputes that progress to objection need not, and likely would not, have reached this stage in the first place had there been sufficient engagement and information exchanged between the ATO and the taxpayer during the audit. The ATO should further develop its structured feedback framework between the objections function and all business lines to share feedback and learnings arising from objections matters, both at a case level and on a more systemic level and consider monitoring the impact of the improvements. The report on objections finalises a review that has been conducted over several years, including the publication of an interim report on 10 October 2022. The ATO agrees (fully, partly or in principle) with all the recommendations, noting some of their responses are influenced by organisational priorities and finite resources (refer to the latter pages of the attached). ------- Source: *ATO Administration and Management of Objections Report, IGTO website, accessed 7 November 2024. #AustralianTax #TaxAdministration #Objections #IGTO Inspector-General & Taxation Ombudsman
#ATOReview #ATOaudit The ATO have identified key priority areas for #PrivatelyOwnedWealthyGroups in the #Next5000 cohort: 🔎 Groups experiencing rapid growth where the tax governance framework is not fit for purpose. 🔎 Groups that are expanding offshore or entering into cross-border transactions with related parties #transferpricing #crossborder #relatedpartyfinancing. 🔎 Succession planning, group restructures, intergenerational wealth transfer #CGT #trustresettlements. #CGTrollover 🔎 Wealth extraction using private equity funds. #PEfunds 🔎 Groups entering arrangements involving intra-group domestic transactions which may result in the transfer of wealth, such as: ◾️ mismatches between the reported income and expenses between related parties. ◾️ lack of independent valuations for related party transactions, particularly #realproperty. ◾️ omission of related party income such as #rent. ◾️ distributions outside of a family group where a family trust election has been made. #FTDT ◾️ noncomplying #Div7A Loans. ℹ️ What is the Next 5,000 sub-population? The Next 5,000 sub-population covers Australian residents who together with their associates, control a net wealth of over $50 million. These groups hold around $1.6 trillion in net assets and contribute more than $18.9 billion in tax revenue each year. There are over 162,000 entities within the Next 5,000 sub-population. ℹ️ What does a typical Next 5,000 group include? Most are well established, multigenerational businesses that have been operating for many years, and typically have: ◾️ 12 entities made up of 6 companies, 4 trusts and 2 other entities such as a self-managed super fund or private ancillary fund or charity ◾️ a group head who is 65 years old ◾️ 41 employees ◾️ total income of $6.7 million ◾️ net wealth of $82.6 million ◾️ income tax of $596,900 ◾️ net GST of $91,600 ◾️ PAYG withholding of $283,200. ------- If your client is facing an ATO review, audit, or dispute, get in touch today: [email protected] ------- Always seek advice specific to your circumstances directly from your appointed professional advisor. #Tax #TaxLawyer #AustralianTax
#PropertySales Foreign resident capital gains withholding (#FRCGW) rules changes from 1 January 2025: - withholding rate will increase from 12.5% to 15% - the withholding rules will apply to all property sales ($750,000 property value threshold will be removed) ℹ️ How does this affect Australian Residents? All Australian residents selling property will require a clearance certificate from the ATO, or withholding will apply to the transaction. ⚠️If an Australian resident vendor doesn't provide a clearance certificate by settlement, 15% of the sale price must be withheld by the purchaser and paid to the ATO. If an amount is withheld from the sale price, the vendor will only receive any refund due after their next income tax return is processed at tax time. ℹ️ Which contracts are affected? The changes apply to contracts entered into on or after 1 January 2025. ℹ️ How long does a certificate take to issue? Most clearance certificates will issue within a few days, but it is important to apply early because some can take up to 28 days to issue. They are valid for 12 months, so the vendor doesn't need to wait until they have signed a contract. ℹ️ What is FRCGW? FRCGW is designed to support the collection of tax liabilities owed by non-residents selling Australian property. Source: Treasury Laws Amendment (2024 Tax and Other Measures No. 1) Bill 2024
ℹ️ Accountants, Lawyers & Financial Advisors ℹ️ Do your clients enquire about Charities/NFPs? Not sure where to start? Get in touch with us at [email protected] to: 📎 Request our "Charity and NFP Legal Services & Pricing" info pack. 📞 Book a chat with our Principal. We work collaboratively with our accounting, legal, and advisory firm referrers. 📢 Ask about our CLE/CPD presentations. ------- #ACNC #Charities #CharitablePurposes #TaxConcessionCharity #DGR #charity #Lawyers #Accountants
#CharitySubtypes #PublicBenevolentInstitution When the Australian Charities and Not-for-profits Commission register an organisation, its charity ‘subtypes’ are also publicly registered. These reflect the category of that organisation’s charitable purpose, which is what its activities will work towards achieving. Each subtype has a specific meaning under the law. The subtype for discussion today is Public Benevolent Institutions (PBIs). 🔹 A PBI is a type of charitable institution whose main purpose is to relieve suffering that is serious enough to 'arouse a feeling of pity or compassion' in members of the community. 🔹 Such suffering could be caused by conditions such as poverty, sickness, helplessness or distress. Examples of charities that may be public benevolent institutions include those that: ✔️ directly provide relief to people in need, such as: - some hospitals and hospices - some disability support services - some aged care services, or - providers of low rental or subsidised housing, for people in need ✔️ directly engage others to provide relief to people in need, such as a charity that promotes benevolent relief by entering into contracts with service providers to deliver that relief in different areas, or ✔️ provide relief within a relationship of collaboration, such as a charity that raises funds in order to channel these funds to specific programs that provide benevolent relief, through a collaborative arrangement with another organisation that delivers those programs. Important: ⚠️ There are special requirements to be considered an ‘institution’. ------- ℹ️ Accountants, Lawyers & Advisors ℹ️ Do your clients enquire about Charities/NFPs? Not sure where to start? Get in touch with us at [email protected] to: 📎 Request our "Charity and NFP Legal Services & Pricing" info pack. 📞 Book a chat with our Principal. We work collaboratively with our accounting, legal, and advisory firm referrers. 📢 Ask about our CLE/CPD presentations. ------- #ACNC #Charities #CharitablePurposes #TaxConcessionCharity #DGR #charity #Nonprofits #Lawyers #Accountants #PBI
ℹ️ Accountants, Lawyers & Financial Advisors ℹ️ Do your clients enquire about Charities/NFPs? Not sure where to start? Get in touch with us at [email protected] to: 📎 Request our "Charity and NFP Legal Services & Pricing" info pack. 📞 Book a chat with our Principal. We work collaboratively with our accounting, legal, and advisory firm referrers. 📢 Ask about our CLE/CPD presentations. ------- #ACNC #Charities #CharitablePurposes #TaxConcessionCharity #DGR #charity #Lawyers #Accountants
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Looking back on the fantastic Walk With Me Brisbane Grand Final Lunch at the Qld Cricketers’ Club, The Gabba. Much needed funds were raised for #WalkWithMe to continue delivering their Physical and Mental Wellness talks around Australia. Great to see everyone rallying and showing their support! #Athletes #Coaches #MentalHealth The Little CFO Legal® Corey McKernan Adam Thorpe SV Partners Dallas Webcke Catherene Schutze Lending Association Julian Barclay Thursday Legal James Johnson CloudTec Accountants Byron Raal, CA Jason Popelier Eventum Optimum Rodney Peters We Love Group
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A fantastic day spent with the CloudTec Accountants team at the Melbourne Cup event in support of our wonderful client, The DLD Project #Foundation. Thousands of dollars were raised towards launching Australia’s first Developmental Language Disorder (DLD) support program by early 2025: ◾️ The program will offer free online workshops with speech pathologists, therapists, and other experts to help families support individuals with DLD at home, school, and beyond. ◾️ The pilot aims to assist over 500 families, addressing isolation, long waitlists, and financial barriers to therapy. For more information and to further support The DLD Project Foundation please visit: ◾️ https://lnkd.in/gB_uiyjJ A heartfelt thank you to everyone who attended and to those who generously donated the fantastic raffle and auction items: AIX - Vin de Provence BOSS Lawyers Circle of Fun Cavallo Architecture Danielle & Brad Wilksch George Papas New Farm Seafood New Farm Deli Stratton - Bar & Kitchen Victoria Park Winnings Fortitude Valley And a specialthank you to: Circle of Fun (Photobooth & Decorations) Katrina Lacey (DLD Guest Speaker) Sid Lakshman (Auctioneer) Teza McKenna (Event MC) Natalie Turner Dr Shaun Ziegenfusz James Johnson Susan Prowse Adam Thorpe Tessa Fisher Justin Byrne James Livingston Ben Blacker Teza Mckenna Dallas Webcke Catherene Schutze Ken Freer Dorothee von Drathen