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On what basis can the Austaralian Tax Office tax borrowed funds from abroad into an account.ount

Asked in Personal Taxation for Australia

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As above
 
Non resident tax
 
Posted by gavan.spring on Jul 09, 2014 at 14:45
 

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1) first of all: the person needs to be resident or connected to Australia to be taxable.
2) without going into details, the main view is that: borrowing is not a taxable event, lending is.
3) however borrowing may also become taxable if it is used in the goal of reducing Australian taxable liability (in other words, if you make an artificial transaction).
4) if it is not an artificial transaction (ie: somebody lending to someone in Australia for a legitimate purpose, and having an economic reality) then you can be sure that the simple fact of borrowing is not a taxable event.
Only you is able to know if you fall into #3 or #4 now.

If you want more details, you can contact us.
 
Posted by prominee.com on Jul 13, 2014 at 10:34
 

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terence.dwyer@dwyerlawyers.com.au - Unless there is sham or a round-robin or an anti-avoidance provision moneys borrowed are not income. it should be easy enough to counter any ATO assessment by producing a signed loan document and a letter from the lender. Commented on Nov 04, 2014 at 12:14

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Posted by EDWARDJONES12 on Sep 20, 2016 at 17:02
 

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