Looking for ways to minimise the amount of tax your business has to pay is not uncommon, but it is easy to get into trouble.
Given the number of different taxes in Australia, at both State and Federal level, it can be difficult to understand your duties and obligations. With legislation constantly changing, you may be unaware that you are shirking your tax-paying duties until it comes to the attention of the Australian Tax Office (ATO).
Some of the main taxes and duties you should be aware of include Capital Gains tax, Fringe Benefits tax, Income tax, Goods and Services tax, Customs Duty and Stamp Duty.
There are tax consequences for many large business transactions. Getting professional advice can help you to avoid taxation pitfalls, and allow your company to find a more tax-effective way to operate.
While accountants can provide advice in relation to taxation planning, it is important to get professional advice by someone who understands the intricacies of both taxation and criminal law, as there is often a cross-over. For example, tax evasion, tax fraud and money laundering are criminal offences. Just paying back the tax you owe does not necessarily mean you won’t be criminally prosecuted for such activities. Bad advice from an accountant is not an adequate defence.
In the event that the ATO finds you tax non-compliant, you can choose to dispute the matter, which may mean that you need to go to Court. If you are served with a notice from the ATO you should obtain prompt advice from a tax lawyer.
Our lawyers can advise you in relation to all taxation issues. We can help to ensure your company is tax-effective, and that you understand your obligations. We have experience acting for individuals and commercial clients in Court in a range of taxation law matters, including disputes with the Australian Tax Office, and resolving tax audits.