Preparing to hold position against ATO

Holding Position & Settling Matters Privately

Preparing to hold position against ATO

Posted by tee on September 20, 2023 at 5:55 pm

Hi All,

Im in the process of receiving a very large sum of money and currently gathering information on how we will hold our position against the ATO if/when they will come to us wanting to tax this significant amount.

This amount will be deposited into several bank accounts linked to our unregistered trust and then will be dispersed to those involved.

With this amount being significant I am sure the ATO will be asking for tax on this large sum as well as wanting to tax amounts that I will be transferring out to others.

Does anyone have any recommendations on how to get ahead of this prior to this amount being dropped and other information/tools that I can equip myself with for when the ATO come asking.

The position I feel that I will be holding is requesting the ATO to prove that this is income and in fact not productivity of my labour.

Any other suggestions, information or direction would be much appreciated.

Thanks

Tarei

tee replied 1 year, 8 months ago 2 Members · 4 Replies
4 Replies

morag-janet-of-the-hill-family

Member
September 21, 2023 at 9:45 am

If you get a Foundation, you can donate all proceeds to the foundation and then it can no longer be claimed that it is income as you will have given it away/donated it to a non profit. There is a webinar of Foundations here …https://solutionsempowerment.org/webinar-guest-speaker-peter-duff-foundations/

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- tee
  
  Member
  October 1, 2023 at 6:37 pm
  
  Hi morag,
  
  we will endevour to setup a foundation in the future but wont have one setup in time.
  
  we are at the stage of coming up with a line to tell the banks before this drops. with the cash dropping into unregistered trust accounts we feel we can hold our position as the unregistered trust doesnt have tax obligations. We also have a document that we can give to the banks to support that this money isnt from money laundering. this document is called a ‘source of wealth’ document, when mentioning to the bank i will state that is a source of cashflow as im not to sure if the word ‘wealth’ is something that the tax office would feel that they can tax.
  
  when asked, applicable answers could be
  
  ie here is my source of cashflow and this is from the productivity of my labour’
  
  any other suggestions
  
  thanks
morag-janet-of-the-hill-family

Member
October 2, 2023 at 9:56 am
How-to-deal-with-questions-by-the-bank-2.pdf 55 KB PDF - Click to view

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- tee
  
  Member
  October 2, 2023 at 10:13 am
  
  thanks morag

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