Asia Pacific Services

We manage the affairs of large foreign companies, wealthy resident and non-resident families and their local Australian investments.

ENGLISHCHINESE

How can CAAA Wong and Mayes help you?

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The emerging economic strength and accumulation of wealth in the Asia Pacific region means that foreign companies and private families have the financial strength to divest their wealth outside of Asia. CAAA Wong and Mayes help foreign investors and business to invest and do business in Australia, aided with advice on how Australian sourced income affects their tax position overseas.

CAAA Wong and Mayes practice in all areas of professional accounting, including taxation advice, accounting services, auditing and business advice, with a dedicated team of professional accountants that are able to communicate in English, Cantonese and Mandarin.

The Australian Taxation Office (ATO) is increasingly vigilant about the transparency of financial information and income tax collection for foreign assets and investment. We have considerable expertise dealing with the ATO concerning audits and reviews, disclosure of foreign assets and foreign income.

Our experts provide advice and strategy on:

  • Income source issues
  • Tax residency
  • Structuring for optimum tax efficiency
  • Experts in Hong Kong and China tax and Asian taxes
  • Specialists in relocating wealth to Australia
  • Investment and asset protection

Commonly Asked Questions

I stayed over 183 days in Australia. Does it make me a tax resident and report world wide tax?
183 days test is only the second statutory test. The domicile test is the primary statutory test. You are an Australian tax resident if your domicile is in Australia unless ATO is satisfied that your permanent place of abode is outside Australia.
My overseas parents want to TT me some money as a gift? Is this taxable?
Generally not unless there is a pattern of regularity and it may be deemed as assessable income.
I have not reported foreign income or rental income from local investment property over many years. What should I do now?
The ATO encourages taxpayers to make voluntary disclosure before they are selected for audit or review. Tax authorities around the world are co-operating and working closer together to combat tax evasion so it is a matter of time before hidden foreign assets are discovered. As for unreported rental income from investment property, the ATO is collecting rental data for approx. 1.6 m individuals annually to ensure taxpayer’s tax obligations are met.

These simple answers do not quite do justice to the complexity of the question. Please do contact our advisors at CAAA Wong & Mayes for professional advice.

If you’d like to know more about our Asia Pacific Services, get in touch today.
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