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.

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