taxation updates

W Wen & Co. provides tax advice regarding to foreign source income and help clients to liaise with the Tax Office.

Foreign Income of Australian Residents

Foreign source income alert from ATO Recently the ATO issued a tax alert TA2012/1 in relation to foreign source income by Australian tax residents. The alert applies to arrangements which feature the following: 1. An individual (“the taxpayer”) is a resident of Australia for tax purposes 2. The foreign source income may include (but […]

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ATO New Reporting Requirements for Building & Construction Businesses

Now businesses primarily in the building & construction industry are required to report the total payments they make to each contractor for building and construction services. The records of relevant contractor payment should be kept to include the following: ABN Name Address Total gross amount they paid for the financial year including GST Total GST

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