Citco launches Australian tax administration service
The Citco group of companies (Citco) has expanded its tax services to include dedicated Australian tax administration capabilities.
Headed up by Aidin Yousif, Head of Australian Tax Services, Citco Fund Services (Australia) Pty. Ltd., it provides a cohesive, end-to-end service model designed to help alternatives funds with their tax compliance in Australia.
Australian tax compliance for managed investment trusts requires continuous and proactive management throughout the income year. As part of its integrated global tax offering, Citco is pleased to support clients with a comprehensive range of Australian tax services, including compliance under both the Managed Investment Trust (MIT) and Attribution Managed Investment Trust (AMIT) regimes. This encompasses the preparation of distribution calculations, annual member statements and standard distribution statements, and tax return preparation.
Outside these regimes, Citco can also support clients with Controlled Foreign Company (CFC) and Foreign Hybrid Limited Partnership (FHLP) attributable income calculations, and more.
Aidin, who recently joined Citco and brings over 12 years’ experience in Australian tax law and reporting, said: “The Australian market continues to grow in importance for global fund managers, and with that comes increased complexity in tax reporting and compliance requirements.
“Withholding tax obligations, accuracy and documentation at every stage of the compliance lifecycle has never been more important. This is equally relevant for offshore funds managing Australian assets or funds managed for Australian investors, where disclosure and compliance obligations may apply regardless of physical presence in Australia.”
Lev Shoykhet, Head of Tax Services, Citco Fund Services, added: “Australian tax compliance is rapidly becoming a strategic priority for global investment managers. Long considered a favorable jurisdiction for global capital, Australia is now seeing a heightened regulatory focus on certain investment structures.
“Our new Australian Tax Services offering demonstrates Citco's commitment to providing comprehensive solutions that address these specific market needs. By combining our global expertise with local market knowledge, we're helping clients with their Australian tax compliance obligations."