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Taxation services – Significant reassessment by ATO

Case Study

Case Study

Related Case Study

Business Advisory for Carnival Operator

For three generations the carnival operator had operated carnivals throughout Australia, necessitating the shipment of the amusements from State to State.

Taxation Services – Significant Reassessment by ATO

Problem

Two individual clients of Bryant & Bryant were served with Reassessments by the Australian Taxation Office bringing to account Capital Gains Tax assessments in respect of the sale of business previously overseen by Bryant & Bryant many years earlier.

The Australian Taxation Office considered it necessary to reassess the individuals in respect of the Capital Gains Tax and provide assessments in the order of $2,000,000 plus.

Solution

Bryant & Bryant were appointed to deal with the Australian Taxation Office as part of their Taxation services consultation.

Bryant & Bryant introduced Legal Advisors affiliated with Bryant & Bryant in dealing with similar significant tax liabilities.

Bryant & Bryant completely reviewed the circumstances relating to the reassessments, chronological analysis of the transactions together with the preparation of the case book. Bryant & Bryant instructed the Lawyers in respect of the pertinent issues.

Outcome

The reassessments were reduced to less than 10% of the original reassessments as raised.

The two individuals moved forward with their lives.

Want to know more about our Taxation Services? Contact us today!

Business Advisory

Business Reorganisation

Corporate Accounting

Corporate Strategy

Tax Restructures

Taxation services – Significant reassessment by ATO

Problem


Two individual clients of Bryant & Bryant were served with Reassessments by the Australian Taxation Office bringing to account Capital Gains Tax assessments in respect of the sale of business previously overseen by Bryant & Bryant many years earlier.


The Australian Taxation Office considered it necessary to reassess the individuals in respect of the Capital Gains Tax and provide assessments in the order of $2,000,000 plus.

Solution


Bryant & Bryant were appointed to deal with the Australian Taxation Office as part of their Taxation services consultation.


Bryant & Bryant introduced Legal Advisors affiliated with Bryant & Bryant in dealing with similar significant tax liabilities.


Bryant & Bryant completely reviewed the circumstances relating to the reassessments, and chronological analysis of the transactions together with the preparation of the case book. Bryant & Bryant instructed the Lawyers in respect of the pertinent issues.


Outcome


The reassessments were reduced to less than 10% of the original reassessments as raised.


The two individuals moved forward with their lives.


Want to know more about our Taxation Services? Contact us today!

Business Advisory

Business Reorganisation

Corporate Accounting

Corporate Strategy

Tax Restructures

Related Case Study

Business Advisory for Carnival Operator

For three generations the carnival operator had operated carnivals throughout Australia, necessitating the shipment of the amusements from State to State.

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