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ATO Warns Against Offshore Life Insurance Policies,
by Mary Swire, Tax-News.com, Hong Kong
Thursday, November 26, 2009
The Australian Taxation Office (ATO) has issued an alert that warns taxpayers
to be cautious about investing in life insurance policies issued from insurance
companies based in offshore jurisdictions, such as Vanuatu.
In the alert, Tax Commissioner, Michael D’Ascenzo said that he is concerned
these arrangements may attempt to exploit the lack of transparency in such jurisdictions,
and are designed to circumvent the Australian tax payable under the foreign
investment fund measures.
According to D’Ascenzo, Australian resident participants involved in these arrangements may be individuals,
companies, trusts, or self-managed superannuation funds (SMSFs). “We know
these arrangements are in the market, and we have seen a number being promoted
from Vanuatu,” he disclosed.
Under these arrangements, it is believed, certain life insurance policies are marketed
as qualifying for concessional tax treatment on proceeds from the policy or
tax deductions on fees paid under the policy.
However, these policies may not
qualify for such benefits, which include capital gains tax exemption and the special
rules applicable to reversionary bonuses paid from life insurance bonds, while
the self-managed superannuation funds may also breach the regulations for complying
funds.
“People considering these arrangements should be aware their tax affairs
will be closely examined by ATO, in addition to potential action by other government
agencies as part of Project Wickenby,” D’Ascenzo added.
People who are unsure about their situation are advised by the ATO to seek
independent advice or obtain a private ruling on their individual circumstances from the Tax Office.
Those who have participated in these arrangements and contact the ATO before they
are contacted for an audit will be entitled to a reduction in any penalties
that may apply.
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