30 January 2024

Foreign trusts and taxation in Australia

Similar to many jurisdictions, Australia operates a residence-based approach to determine the tax liability of a taxpayer. Tax residency is very important for many reasons. Generally, Australian tax residents are taxed on world-wide income and are eligible for capital gains tax (CGT) discounts, subject to different tax rates, levies, withholding, tax offsets and exemptions. On the other hand, foreign tax residents are generally only taxed on income from Australian sources. Further, Australian tax residents who receive amounts from a foreign trust could find themselves with unexpected tax liabilities.

30 January 2024

IRS provides temporary relief from controversial foreign tax credit regulations

At a glance The main takeaway: Notice 2023-55 provides a reprieve from many elements of certain foreign tax credit regulations. Impact on your business: Taxpayers may choose to apply more favourable prior foreign tax credit regulations, including on a retroactive basis. Next steps: Aprio’s International Tax team can help multinational companies navigate complicated foreign tax credit rules in an effort to relieve a double tax burden on foreign source income.

26 October 2023

Role of auditing firms in ESG

Auditing firms play a pivotal role in helping companies set, measure, and monitor their Environmental, Social, and Corporate Governance (ESG) goals. As ESG considerations become increasingly critical for businesses, investors, and stakeholders, auditing firms can provide valuable expertise and assurance in the following ways: