CGT advice was provided to a high net wealth shareholder of a Company acquired by a Canadian multinational.
The shareholder recently appointed a new advisor, and the matter was complicated by the lodgement of earlier incorrect income tax returns which failed to recognise significant CGT losses together with the fact the transaction contained a complex earn out arrangement.
The transaction was also identified by the ATO and the taxpayer was subject to a pre lodgement review.
Cleary Bentley worked though the issues with the new advisor, provided guidance and assistance in amending the earlier years income tax returns and provided the advisor and their client a detailed brief covering the legislative provisions applicable to the events to support the lodgement of the income tax return that was subject to investigation by the ATO.