Withholding for foreign residents: an ATO focus area
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The ATO is currently focusing on ensuring that taxpayers are aware of their obligations regarding treatment of withholding amounts and amount paid to foreign residents.
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If your business or investment structure make payments such as interest, dividends or royalties to any foreign residents, you may be required to withhold tax from these payments.
If these withholding requirements apply to you, you’ll need to lodge a PAYG annual report or an annual investment income report, and withhold and pay the correct amount of tax.
This is important as the withholding tax obligation arises whether you make the payment to the foreign resident, credit their account, or deal with the payment on their behalf or at their direction.
There are a number of exemptions that apply, but this can be technical in operation, so it’s recommended to seek advice specific to your circumstances if you make any payments to non-residents.
The ATO is alert to payers who have not withheld and paid amounts (or have withheld and paid incorrect amounts), incorrectly relied on an exemption or treaty relief, or misclassified deductions for interest or royalty payments to an offshore entity.
Louise is a CPA with a Masters in Professional Accounting and a diploma of Financial Planning. Louise has been in Public Practice for 21 years and has been the principal of LMC since 2012. With a focus on small business support services and self-managed super funds, Louise is passionate about helping small businesses achieve their potential through good cashflow management and strategies for success. Louise and her family enjoy the space and tranquility of the Noosa hinterland with a small acreage block complete with dogs, chickens, geese, ducks and donkeys!
Lesley Joyce
Lesley is our individual taxation specialist and has over 23 years experience in preparing individual and small business returns. Lesley loves country music and line dancing and having recently relocated closer to the coast, enjoys a walk along the beach. Lesley is a proud Nana to her 14 grandchildren.
SuzAnne King
Suzanne is our Client Service Coordinator. She has worked in accounting practices for 20+ years and has expert knowledge in all things relating to Corporate Compliance. She is an active local community volunteer. In her leisure time she enjoys wandering in ancient places and reading biographies.
Kristie Virgo
Kristie has recently joined LMC Financial Group in Office Administration and Reception. She has run her own interior design small business for 20 years and when she is not at LMC she continues to work with clients on the Sunshine Coast. Our new office space has been designed by Kristie and Louise and brings a fresh warm approach to accounting in Cooroy.
Kelly Waldron
Kelly has qualifications in accounting and bookkeeping and has over 20 years’ experience in these areas. Kelly is a local to the beautiful sunshine coast and town of Cooroy and is ready to help with all your accounting and bookkeeping needs, nothing is too difficult. Kelly loves spending time with her family and everything the Sunshine Coast offers, we do really live in paradise.
Jemma Gibbs
Jemma is local to Cooroy embarking on a new career journey with the LMC team. Working as a bookkeeper for her husband's lawncare business for the past 6 years and undertaking formal education in accounting and bookkeeping has inspired her to take the leap into a new industry after 15 years in HR and Administration. With a big, close-knit family, her weekends are spent with family and friends enjoying all the wonderful places the coast has to offer.
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