1. Seek competent tax tips in just about every relevant jurisdiction.
2. Communicate all of the details to every single tax adviser. Tax conclusions are normally depending on fine distinctions amongst details.
3. Appoint a single tax adviser to coordinate and reconcile the tips from the many jurisdictions.
4. Be certain that the program fits the business enterprise. Sophisticated cross-border tax organizing can not be purchased off-the-shelf.
5. Place all the tax analysis in writing.
6. Be cautious with all the documentation of transactions. The audit battle is normally won or lost depending on the documents.
7. Acquire high-quality legal tips for any tax position that falls into a gray location or could be viewed as aggressive.
8. Take into consideration how you'd really feel if your tax organizing appeared inside the neighborhood newspaper.
Can you please explain the integrated client account and is it for business only.?
ReplyDeleteLump sum paid to ATO for tax owing. Then receive a bill stating installment still due as part of integrated client account. Cannot understand this amount supposedly outstanding.
The integrated client account can apply to both individuals and businesses. You mention you had an amount to pay, which you paid as a lump sum. This would seem that you have income that is not taxed when it is paid to you. This usually occurs when it is from investment income, or perhaps it is an amount paid to you by a partnership or trust; maybe it is income from shares or bank interest or you work as a contractor or are self employed.
DeleteThese are just some really common examples of why you might have income that has not had tax paid on it when you receive it.
When this amount of income has been high enough in previous years, the tax office will send you instalment notices and the amount billed is expected to cover future money paid to you that is not taxed. This is intended to prevent you being in the same position of having a lump sum to pay again. It's kind of the same as having tax deducted by an employer, except you pay it yourself on the instalment invoice based on expected income that has not been taxed when you receive it.
If your situation has changed or your personal circumstances are not covered by the examples I've listed, you need to ring the contact number on your notice to pay and talk to them about it. They can explain why you have the notice.
Source(s):
work in the industry