Taxation is a huge consideration for any business and it is important to have a customised, detailed approach that caters to your business objectives and requirements. It is fundamental to have a tax compliant and effective structure for profit maximisation and the minimisation of administration and reporting costs. Taxation law is difficult, diverse and constantly changing. It is full of intricacies and complexities and an experienced Taxation Lawyer may have regard to your factual circumstance to ensure that you comply with all applicable taxes and that you optimise your taxation strategy.
The Australian tax system is one of the most complex taxation systems in the world, with taxes and regulations levied on both the Federal and State level. There are a myriad of tax laws such as Goods and Sales Tax (GST), Capital Gains Tax (CGT), Fringe Benefits Tax (FBT), income tax and company taxes. In addition, there are various other sources of tax authorities from the Australian Taxation Office (ATO) such as Private Rulings, Tax Determinations, Tax Rulings, Public Rulings, Class rulings and Product Rulings. In operating a business there are a myriad of taxation implications such as, acquiring assets, purchasing a business, purchasing CGT assets such as land, Intellectual Property and goodwill, hiring staff and the associated costs in doing so, claiming deductions and meeting the required reporting and disclosure obligations to the ATO. A consultation with a specialised Taxation Lawyer can be immensely helpful and informative to ensure that proper compliance is met.
In running a business you need to consider company tax, income tax, Fringe Benefits Tax (FBT), capital gains tax, superannuation, GST, and payroll tax. You need to devise and implement a tax effective yet compliant company structure to manage assets, income, management and ownership of your company and its assets. A solid working knowledge and expertise in Taxation Law is immensely useful in this regard to devise tax effective strategies and structures. Furthermore, it is important to have an awareness and understanding of the deductions that may be applicable and available to you to minimise your taxation liability. There is the issue of proper compliance with disclosure of your business activities to the ATO. Our qualified taxation and financial specialists can have consideration of your situation on a comprehensive level, and may assist in ensuring that your financial objectives are realised. Our full service integrated practice includes a skilled and experienced team of lawyers, accountants, mortgage brokers and financial advisors who may greatly assist you in your financial journey.
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If you require assistance with a Tax matter, you should make an appointment to see one of our Lawyers in one of the following locations:
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