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Receiving money from overseas can trigger unexpected Australian tax consequences, especially when foreign trusts are involved. With the ATO increasing scrutiny on international transfers, including gifts, inheritances, and loans, it’s vital for Australian residents to understand their tax obligations. Section 99B of the Income Tax Assessment Act 1936 and recent ATO guidance highlight the risks of poor documentation and lack of planning. This article explores common scenarios, the importance of maintaining records, and how proactive tax planning can help avoid significant liabilities for both recipients and their overseas families.

The ATO has confirmed a stricter application of section 99B - taxation of foreign trust distributions, meaning more distributions or benefits from foreign trusts to Australian residents may now be taxable.

While the Division 296 tax is still yet to be legislated, it’s looking likely the tax will be introduced. For individuals who may be impacted by the change, it’s critical to understand how different scenarios might play out and what they should consider.

As Australia moves away from legacy business payment systems like batch payments and cheques, the shift to real-time, account-to-account payments is transforming the way businesses interact – not just with their banks, but with each other.

The health and aged care industry in Australia is complex and there are a range of challenges and opportunities for the banking sector which can be explored in relation to its various sub-sectors.

Explore how life sciences firms can use sustainability to drive growth, resilience, and funding access.

Boards play a critical role in the success of private businesses by providing strategic direction, advising the Executive team, overseeing business performance, and managing risk and compliance. To fulfill these roles effectively, Board members need to be equipped with insightful information.

Managing family businesses can be complex as it involves navigating daily operations as well as family dynamics. Because of this, it’s important both your succession and estate plans align. While documenting your succession plan is key, it’s equally important your estate plan legally reinforces your vision for the future.

In today’s fast-moving business landscape, Boards must take a strategic approach to governance. This article explores key priorities including regulatory compliance, cyber and AI risk, operational resilience, and navigating market volatility.

As the end of the financial year approaches, now is the time for family groups to consider their annual tax planning. Tax planning is a critical part of the tax management processes for all family groups, and brings about benefits.

Education sector faces EBA, teacher shortages, and cost increases. Sustainability reporting provides significant value.

For private investors entering and growing in a new market or new industry, managing the finance function effectively is critical—not just for operational success, but to ensure compliance with local regulations and drive growth. Many investors underestimate the complexity of regional financial, tax, and reporting obligations, which can lead to inefficiencies and unexpected risks.