Ok so i have a legit company in BVI making money. I transfer funds to my wife's Colombian bank account. She is a dual national, colombian citizen and Australian citizen,, but with a different name on her Australian passport. We are spending money on her colombian credit card in Australia, and wondering if CRS will mean that Australian govt will know that she is receiving foreign income. Thinking the fact that her bank account was opened with her Colombian passport under different name will mean that they won't share that info with Australian ATO. Thoughts? Or should i just declare the foreign income.
She changed it when we got married. Both first and last name (hated her first name), then got citizenship in Australia.
@ReviewRumble
why dont you simply swap the incoming BVI funds into Crypto and stash away.
As per change in Names,the Aussie Authorities Active in CRS,High outgoing TRX Amounts, incoming TRX From Aussie Jurisdiction to Colombia..BVI entity, Dual Passport holder, different names etc.
along the percieved path, a few cans might be unearthed and DD carried out from Either the Aussie Angle, The colombian angle or probably both..
Rethinking the strategy towards adopting a less risky path would be the best scenario...
Did she notify the colombian bank on change of Name and her current citizenship status...( that should be the point of priority)
Is ATO aware of the BVI company? Is there any Australia addresses attached to the BVI as either director, Shareholder or UBO? As BVI will report corporate entities with no economic substance in BVI to ATO if an Australian is attached to it.
Thinking the fact that her bank account was opened with her Colombian passport under different name will mean that they won't share that info with Australian ATO. Thoughts?
You used the Colombian address on the account I assume? Also did you make sure no Australian details exist on the account such as mail forwarding or postage, Australian mobile number etc?
Have accounting advice that bvi company is ok from Australian Tax law standpoint. No central control from Australia and active company, not passive income. Colombian are on account. No mail forwarding. The account pre dated our relationship and her citizenship. Phone number is her aunts in Colombia
So move money from bvi (Payoneer) to advcash might be better and spend from that account?
So move money from bvi (Payoneer) to advcash might be better and spend from that account?
Don't know about that. If it aint broke don't fix is what I always say.
ReviewRumble said:
Have accounting advice that bvi company is ok from Australian Tax law standpoint. No central control from Australia and active company, not passive income. Colombian are on account. No mail forwarding. The account pre dated our relationship and her citizenship. Phone number is her aunts in Colombia
Sounds like you will be fine then with what you have setup. That's very interesting as I have not encountered such a situation with someone using two different names alongside two different residencies to defeat CRS. It has always been for me a theoretical setup but not something I heard someone use in practice. None the less its your choice.
