Foreign residents selling property in Australia

Posted on 22 April 2024 | by Allan Hall

Foreign resident capital gains withholding (FRCGW) of 12.5% applies for all property sales of AUD$750,000 or more.

At a minimum, that is AUD$93,750 being withheld from the sale and paid to the Australian Tax Office, unless there is an approved variation.

The most common reasons why a seller may apply for a variation include:

making a capital loss
not having an income tax liability
foreclosure.

In 2023 over 60% of applications for variations were lodged late, affecting settlement. When clients are too late in applying, the conveyancer or solicitor has no choice but to withhold 12.5%.

Tips

Include the sales contracts with the variation application
Variations must be lodged online at least 28 days before property settlement to ensure processing time
The main residence exemption doesn’t apply to foreign residents
Australian residents for tax purposes must have a clearance certificate before settlement to prove their residency for tax purposes, so no withholding occurs.

CONTACT ALLAN HALL INTERNATIONAL SERVICES

ATO, income, International Services, property, tax

Scott Jago, Vanessa Williams and David Baumgartner

Alliott Global ANZAC Conference 2024

Posted on 15 March 2024 | by Allan Hall

The ANZAC Conference 2024 was a unique professional experience tailored to the region’s Alliott Global Alliance members, held at the Ramada by Wyndham Auckland in February.

This event was designed to offer Alliott Global Alliance members in the ANZAC region a blend of networking and knowledge exchange.

APAC Chair Scott Jago set the stage for a full program, starting with new member introductions outlining their diverse services and offering a glimpse into the richness of professional expertise present. Alliott Global Alliance CEO Giles Brake and Chief Growth Officer Damien McMenamin shared the latest developments and future plans of the alliance.

Valuable perspectives were gained from industry leader Colin Dunn FCA, who delved into the latest trends in professional services, followed by Wendy Gleeson CPM, who guided attendees through her professional firm digital marketing insights.

The networking lunch provided a casual setting to build connections and exchange experiences, followed by an open discussion with David Baumgartner from Baumgartners Melbourne who facilitated an open forum on key performance indicators. Vanessa Williams and Greg Millar from Alliott NZ Auckland discussed back-office optimisation for peak performance.

The conference concluded with a collective exploration of major changes in commercial law, where attendees shared insights, fostering a deeper understanding of the regional legal landscape.

If you are an international business looking to start up in Australia, or an Australian business looking to expand overseas, Allan Hall has a highly skilled and experienced team in International Services. We collaborate with you to develop strategic solutions tailored to your business so you can respond to global opportunities and take on challenges in your chosen region.

CONTACT ALLAN HALL INTERNATIONAL SERVICES

Alliott Global Alliance, International Services

Expanding your business globally

Posted on 7 February 2024 | by Allan Hall

Five Key Strategies for Successful Business Expansion

Venturing into the global market with your small or medium-sized business (SMB) presents an exciting yet formidable journey. In this article, we delve into five crucial strategies to steer your SMB through new market entry without starting from scratch.

1. Thorough Research: Strategic Market Analysis

Before plunging into a new market, invest in extensive market research. Just like industry giants, SMBs can gather valuable insights to make informed decisions. Scrutinise the target market, study competitors and identify potential challenges such as industry regulations and demand forecasts.

2. Gradual Progress: Prioritise Success over Perfection

Avoid turning planning into procrastination. Keep the primary objective of business expansion in focus to prevent getting entangled in hypothetical scenarios. Prioritise incremental steps, adapt along the way, and ensure progress is not sabotaged by perfectionism.

3. Strategic Collaboration with Peers

Mitigate risks and pool resources by strategically collaborating with other SMBs in the target market. Consider forming alliances with complementary businesses and strategic partners who can assist with groundwork, and therefore accelerate your efforts.

TIP: Seek Professional Guidance from Allan Hall’s International Services Team »

4. Foster Visibility: Network for Success

Although networking may seem time-consuming, it is crucial for boosting company visibility and adapting to new markets. Leverage digital platforms to intentionally network, gaining access to opportunities and building relationships. Seek mentorship from successful SMBs in your target market to tap into their expertise on local markets and cultural nuances.

5. Vigilance Over Complacency: Embrace an Adaptive Approach

When considering entry into a global market, learn from the missteps of others. Major multinationals face challenges, and online examples serve as cautionary tales where inadequate localisation efforts led to struggles. However, setbacks faced by others should not be seen as predetermined for your venture. Maintain vigilance and adaptability to navigate unforeseen challenges not initially considered.

Helping international businesses seize global opportunities and minimise risk

We live in an entrepreneurial and globalised market and many businesses are expanding internationally. Businesses entering a new market need to be aware of the differing laws, regulations and customs that govern business in a foreign country. If you are an international business looking to start up in Australia, or an Australian business looking to expand overseas, Allan Hall can assist.

CONTACT ALLAN HALL INTERNATIONAL SERVICES

Alliott Global Alliance Worldwide Conference 2023

Posted on 24 November 2023 | by Allan Hall

The 2023 Worldwide Conference hosted by Alliott Global Alliance (AGA) in Athens surpassed expectations, drawing 155 delegates from 49 countries – an unprecedented turnout for our global network of accountants and lawyers.

AGA APAC Chair, Scott Jago, represented Allan Hall Business Advisors at the conference and highlighted the immense value of making international connections with both longstanding and the newest alliance members.

Participants demonstrated a keen readiness to address future challenges by leveraging their memberships and tapping into alliance expertise, business acumen, innovations and resources. Discussions spanned a diverse range of topics, including succession planning, business development, AI, cybersecurity, leadership, pricing and crisis management.

In the CEO’s keynote address, a forward-looking vision was painted, emphasising growth, adaptability and a commitment to a collaborative and innovative spirit within AGA. While acknowledging the importance of heritage and core values, the CEO stressed the necessity for AGA to evolve continually to remain relevant in the ever-changing global landscape.

The shift towards a more proactive, collaborative culture emerged as a recurring theme, with the CEO highlighting five strategic goals: creating more opportunities, maximising human resources, facilitating knowledge transfer, sharing innovations and building a stronger brand identity.

Service excellence also took centre stage, with attendees encouraged to extend a metaphorical red carpet to fellow members and their clients, fostering a culture of generosity and responsiveness. Addressing challenges, members were urged to find solutions for core services outside their expertise but within the AGA network.

Allan Hall’s International Services

We live in an entrepreneurial and globalised market and many businesses are expanding internationally. If you are an international business looking to start up in Australia, or an Australian business looking to expand overseas, Allan Hall has a highly skilled and experienced team in International Services. We collaborate with you to develop strategic solutions tailored to your business so you can respond to global opportunities and take on challenges in your chosen region.

CONTACT ALLAN HALL INTERNATIONAL SERVICES

Alliott Global Alliance APAC Regional Conference

Posted on 4 May 2023 | by Allan Hall

Flagship event for the Asia-Pacific Region

Alliott Global Alliance held their APAC Regional Conference in Bangkok, Thailand from 21-23 April 2023.

APAC Chair Scott Jago from Allan Hall Business Advisors, Alliott Global CEO Giles Brake and host Thai representative firms welcomed 50 accounting and legal professionals from across the Asia-Pacific region.

In his role as APAC Chair, Scott has held a pivotal role leading and overseeing the interactions of members in the region, optimising alliance introductions and ensuring that relationships are conducted fluently.

During the conference, representatives from various APAC countries shared insights about the practical aspects of conducting business in their respective jurisdictions. They provided information on the benefits of establishing or restructuring a company, as well as advice on how to initiate trade and ensure a smoother entry. Moreover, each presenter highlighted potential business prospects in growing industries including fintech, IT, electric vehicles, food and beverage, carbon offsetting and renewables.

During her session on Doing Business in Australia Allan Hall Senior International Tax Manager, Paris Barns, updated alliance members on the statutory responsibilities for Directors and meeting the audit compliance requirements.

“Attending this year’s Alliott Global Alliance APAC Regional Conference allowed us to catch up with both new members and old friends. Allan Hall holds close affiliations with alliance member firms that can help our clients throughout the Asia-Pacific region.”
— Scott Jago

With a wealth of experience in the accounting and business advisory space, Paris specialises in international taxation, providing advice and business solutions to individuals, small businesses and large companies with a global presence.

“Paris’ international presence within the Alliott Global Alliance enables our team at Allan Hall to provide our clients with an accounting and/or legal business partner on every continent, to help them succeed globally,” Scott added.

Other conference highlights

Michael Weidokal, Executive Director of International Strategic Analysis, discussed the influence of changing political and economic dynamics in the Asia-Pacific region
Independent IT consultant Jeremy Hyman presented significant AI trends and their relevance to the professional services industry
Alliott Global CEO Giles Brake highlighted recent alliances and initiatives to increase visibility, strengthen member firms and expand their business base with alliance members exploring avenues for growth, including roundtable discussions with attendees to exchange perspectives and ideas.

CONTACT ALLAN HALL INTERNATIONAL SERVICES

Scott Jago appointed Alliott Global Alliance’s Asia Pacific Regional Chair

Posted on 16 December 2020 | by Allan Hall

Alliott Global Alliance APAC Announcement

Alliott Global Alliance international alliance of law and accounting firms is delighted to confirm the appointment of Scott Jago, Partner at Allan Hall Business Advisors in Sydney, Australia, as Regional Chair of the Asia Pacific regional membership, effective 1 January 2021.

Scott also joins the alliance’s Worldwide Board which includes representatives from across the accounting and legal professions.

As Regional Chair, Scott will play an important role in supporting the implementation of the alliance’s strategic plans at the Asia Pacific and international levels.

Allan Hall Business Advisors has been an Alliott Global Alliance member since 2001. Scott takes over the APAC Chair role from Vanessa Williams of Alliott NZ and joins the leadership team at a time of strong growth for the alliance in the region.

Scott comments:

“It is an honour to have been elected as Regional Chair of the APAC Advisory Committee. There is an excellent opportunity to help further develop the alliance’s membership and profile across the region. We are a fast-growing and ambitious alliance that brings together high calibre, independent professional firms that offer a wide range of expertise to domestic and foreign clients operating in Asia Pacific and in all other world regions. I look forward to the challenge ahead and to helping the alliance to develop to the next level.”

Colin Farmer, Worldwide Chair of Alliott Global Alliance, said:

“Despite the pandemic, Alliott Global Alliance has significant momentum in the APAC region, and it is important that we continue to pursue our development targets. Vanessa has taken the region to a new level and now hands over to Scott who will lead from the front in promoting the alliance in the region and worldwide.

“Appointing Scott reflects our commitment to ensuring we have the best people on the team who will help to move us forward in the years ahead.”

Alliott Group Chief Operating Officer, Giles Brake adds:

“The diversity of the APAC region requires a leader who will understand and unify the different cultures and needs of the region’s members. Scott and his firm are passionate about the alliance and we know that he will play an important role not only on the Worldwide Board, but also in helping to create innovation in the region that bind members closer together and advances our value proposition in the region. We welcome Scott very warmly to the Board.”

Alliott Global Alliance is growing continuously and now has member firms in the following APAC countries: China, Hong Kong, Bangladesh, Singapore, Indonesia, Malaysia, India, Australia, New Zealand, Japan, South Korea, Nepal, Pakistan, Thailand, and Taiwan.

Related reading: Allan Hall and Alliott Global Alliance stand strong in 2020

About Allan Hall Business Advisors

Allan Hall Business Advisors is a firm of Chartered Accountants and specialist business advisors established on Sydney’s Northern Beaches in 1957 and are currently ranked 40th in Australia in the highly regarded Australian Financial Review Top 100 Accounting firms.

With eight partners and around 90 staff, and satellite offices in Brisbane and Adelaide, the firm has grown to become one of the largest, non-CBD, integrated chartered accounting and business advisory firms in Australia.

Specialist services including tax, business advisory, international services, human resources, audit, financial planning, SMSF, finance and workplace health and safety.

About Alliott Global Alliance

Founded in 1979, and with 185 member firms in 80 countries Alliott Global Alliance is an international alliance of independent, law, accounting, and specialist advisory firms, working across the world Together as One. Each of our members share a common goal: to learn and share knowledge, resources, and opportunities to make the world smaller and their businesses stronger.

We work with a spirit of generosity and openness — so that together, we can continue to fulfil our ambitions, gain greater experience, and drive mutual success.

Alliott Global Alliance is expanding fast, and the alliance has its sights set firmly on growing its legal and accounting membership to 100 countries. Opportunities are available to independent professional firms in specific countries in Africa, but also in Europe, China, the ASEAN region, Australasia, the Gulf Cooperation Council region, Central and South America and in North America. For information about membership in APAC, contact Damien McMenamin ([email protected]), Head of Global Business Development.

Allan Hall Business Advisors AFR Top 100 Accountants

Allan Hall and Alliott Global Alliance stand strong in 2020

Posted on 1 December 2020 | by Allan Hall

Despite the challenges of the year, Allan Hall Business Advisors along with our professional global network, Alliott Global Alliance, experienced continued growth as part of our aim to offer support and enable our clients to remain robust in the face of COVID-19.

The nation’s best accounting firms revealed – Allan Hall moves up 2 places in Australia-wide ranking

The Australian Financial Review again recognised Allan Hall Business Advisors as one of Australia’s Top 100 accounting firms.

We are very pleased to announce that our firm moved up two spots to position #40 in this year’s Top 100 Accounting Firms table, after being ranked #42 in 2019.

AFR Professional Services Editor Edmund Tadros said that the COVID-19 pandemic resulted in accountants becoming a lifeline for clients endeavouring to keep their businesses afloat.

“Accountants have had to navigate the ever-changing rules around programs such as JobKeeper to ensure their clients are best positioned to weather the pandemic crisis,” he said.

We would like to congratulate our team on their achievements, which is a testament to the value they provide to our clients and our whole business at Allan Hall Business Advisors.

Allan Hall Partner Scott Jago named Alliott Global Alliance APAC Chair

At the end of what has been confronting and challenging year, it has had a silver lining with the appointment of Scott Jago as the APAC Chair for the Alliott Global Alliance.

With three consecutive quarters of strong growth, the Alliott Global Alliance is expanding fast, and has its sights set firmly on growing its legal and accounting membership to 100 countries (the current tally is 185 member firms in 225 cities in 80 countries).

This is great news for clients wishing to expand their business into international markets as we have an increasing number of people on the ground in other jurisdictions who can help clients with all their business, finance, legal and HR needs.

It also benefits our local clients as we are able to benchmark our offerings against international standards and continue to expand our knowledge through the network and resources available to us through the alliance.

Alliot Global Alliance members work with a spirit of generosity and openness — working together as one to continue to fulfil our ambitions, gain greater experience and drive mutual success.

Alliott Global Alliance COO Giles Brake COO said, “While the business environment remains challenging, we are keeping alliance members connected to relevant information and to each other to ensure they have the resources to steer their clients out of the crisis and into the new normal.”

We congratulate Scott and look forward to his leadership of alliance members throughout the Asia-Pacific region.

Read full Alliott Global Alliance update here

Together as One. Allan Hall Business Advisors is a Member of the Alliott Global Alliance of independent professional firms.

Expand your Business Internationally and Reap the Rewards of Our Global Alliance Partnership

Posted on 18 November 2020 | by Allan Hall

At Allan Hall, we are proud members of an award-winning global networking group – Alliott Global Alliance.

The Alliott Global Alliance (previously known as Alliott Group), is a fast-growing alliance of independent accounting, law and specialist advisory firms, with a global footprint across every continent. As part of this alliance, our team at Allan Hall has access to other like-minded professionals, committed to providing the highest standard of service and expertise in the international market of your choice.

Benefits of the Global Alliance to Our Clients

Through this global alliance group, our team at Allan Hall can connect with like-minded members of Alliott Global Alliance in other jurisdictions to support and advise our clients who are wishing to explore and develop business opportunities both locally and internationally.

With a culture of sharing, contributing and co-operation, Alliott Global Alliance members focus on maximising simplicity for cross border business and performing international benchmarking to provide the highest standard of service to our clients with international tax, accounting and business needs.

Together as One

The reach of Alliott Global Alliance extends from our Asia Pacific region into Europe, Africa, the Middle East, North America and Latin America. We are more than just colleagues or members; we are a global family of professionals, working #TogetherasOne to provide solutions to the multi-jurisdictional challenges of businesses and high net worth individuals; particularly important during times like these.

We are proud to be an integral member of this Alliance, and thus can capitalise on the strengths, qualities and values set out by all Alliott members, extending and enhancing our knowledge as a firm, to better advise our clients. As a member of the Alliott Global Alliance we can participate in collaborative business opportunities for our clients with open communication, the sharing of resources and contributing to the success of business initiatives, on a global scale.

Need More Information?

With the assistance of the Alliott Global Alliance member firms, we can help you meet your cross-border needs by providing a fully coordinated multi-disciplinary service; helping you explore opportunities, develop an international presence and take advantage of economic prosperity in any region.

Find out more about our International Services at Allan Hall or contact our International Services team to determine how we can help you with advice for Australians doing business overseas.

For more information regarding our Alliott Global Alliance, please visit www.alliottglobal.com or watch the video below for an insight into what it means to be a part of the Alliott Global Alliance.

Introduction to Alliott Global Alliance