We are here at KPMG to facilitate the smooth operation of the tax system that funds government services and aims for equality and well-being. As expat tax advisors, our role is to help individuals and enterprises comply with tax laws and pay the taxes that support Australia's communities. We assist clients such as executives living abroad or those with complex tax affairs to understand and fulfill their tax obligations so they can focus on their work.
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What is GMS (Global Mobility Services)
1.
2. Why are we here at KPMG?Why are we here at KPMG?
Purpose:Purpose: We live in a society where taxes fund our government. The
government oversees the redistribution of wealth to achieve balance,
maintain decorum, safety and happiness in our communities.
Our role as expat tax advisors and support crew is to facilitate the
smooth operation of that system.
The tax revenue leaderboard
$Individual income tax ~ 39% of all revenue collected in Australia
$Income tax on enterprises 17%
$GST 12%
3. 1) Stand up if you have ever lodged an Australian income tax1) Stand up if you have ever lodged an Australian income tax
returnreturn
4. 2) Sit down if you were born in Australia
3) Stand back up if you have ever lived abroad or would like to take an assignment
overseas one day
If you were standing at any point you could potentially be a client of GMS here in DDX one day
Typical GMS client: Expats & wealthy individuals who were once expats w/ complex matters
Our day-to-day gig includes speaking to executives about tax simply so they can get on with
their day job and trust that KPMG has their tax affairs under control
5. 4) Raise your hand if you have a tax agent or know someone who does.
5) How much untaxed investment income do you need before the ATO requests that
you make prepayments of tax called PAYG instalments?
a) $1,500
b) $4,000
c) $10,000
As a tax agent we receive in excess of 15,000 letters from the ATO for our taxpayers.
Up to 3,000 of these are quarterly PAYG instalments
6) When is the absolute latest day to lodge an individual tax return for y/end 30 June
2018?
a) 31 October 2018
b) 15 May 2019
c) 12 June 2019
7) Do you think the CEO of a big bank had any PAYG withholding on his $874,666 of stock
award income that vested in 2018?
I bet this New Zealander with a bunch of Australian workdays has a tax agent and
plenty of extensions!
6. 4) Raise your hand if you have a tax agent or know someone who does.
5) How much untaxed investment income do you need before the ATO requests that
you make prepayments of tax called PAYG instalments?
a) $1,500
b) $4,000
c) $10,000
As a tax agent we receive in excess of 15,000 letters from the ATO for our taxpayers.
Up to 3,000 of these are quarterly PAYG instalments
6) When is the absolute latest day to lodge an individual tax return for y/end 30 June
2018?
a) 31 October 2018
b) 15 May 2019
c) 12 June 2019
7) Do you think the CEO of a big bank had any PAYG withholding on his $874,666 of stock
award income that vested in 2018?
I bet this New Zealander with a bunch of Australian workdays has a tax agent and
plenty of extensions!
Editor's Notes
Australia has a high top tax rate that kicks in at a low threshold.
Let’s dig a little deeper into what I mean by under control
https://shareholder.anz.com/sites/default/files/anz_2018_annual_report_final.pdf