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You may be starting a new business and wondering where to start with your tax planning, or you're an established business with a major audit coming up. Whatever your situation, the area of tax can seem like a deep rabbit hole that you'll never get out of. Fortunately, there is no need to deal with it all alone. A business taxation lawyer can be an invaluable partner in helping you stay compliant with the tax office.
Here we clarify what a taxation lawyer is and how one can help you feel confident in your business venture.
Speak to a business taxation lawyer online
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What's in this guide?
- Speak to a business taxation lawyer online
- What is a business taxation lawyer?
- When should I use a business taxation lawyer?
- Business taxation lawyer vs accountant
- What services are offered by a business taxation lawyer?
- How effective is a business taxation lawyer?
- Do I need this type of lawyer for my business?
What is a business taxation lawyer?
A business taxation lawyer provides you with expert advice on all matters relating to tax for your business. They can assist you with taxation planning, tax audits and disputes against the Australian Taxation Office (ATO), help you understand your tax obligations and manage your tax debts.
Taxation lawyers can also represent you or your business in litigation for some specific issues that need to be resolved in court.
When should I use a business taxation lawyer?
Whether you have a small tax issue or a serious one, a business taxation lawyer can really be useful in ensuring you are doing all the right things by the tax office. If you engage a tax lawyer in your tax matters, you'll avoid potentially having to pay the tax office large penalty fees in the future due to non-compliance.
Taxation lawyers are also extremely useful in the event of an ATO tax audit. They can provide representation in ATO meetings, prepare necessary documents and negotiate an effective resolution.
If you are about to launch a start-up business, a taxation lawyer can be very beneficial in reviewing your business structure and protecting all your assets. This will secure your business from the start, so it may be legally tax-effective.
Likewise, if you are buying or selling a business, a taxation lawyer can deal with all the complications regarding capital gains and depreciation. They can help you get the most from the sale of your business or ensure everything is fair and legal when buying a business.
Business taxation lawyer vs accountant
Both tax lawyers and accountants can provide support with your tax preparation and advice on the benefits and penalties of any financial decisions you make. However, a tax lawyer specialises in the laws of tax planning and legal issues relating to tax. If you are faced with a tax audit, heavy penalties from the ATO or disputes around income tax, your best bet is to hire a taxation lawyer to deal with these complicated and tricky situations.
What services are offered by a business taxation lawyer?
The services that a taxation lawyer can provide you and your business will depend on your particular needs. The range of services that these lawyers can offer include:
- Tax structuring
- International tax
- Tax disputes
- Tax audits
- Tax debt negotiation
- Employee share plans and payroll tax
- State tax, including land tax
- ATO objections and reviews
- Capital gains tax
- Reduction of penalties
- Tax advice for superannuation funds.
How effective is a business taxation lawyer?
Hiring a business taxation lawyer can be highly effective in protecting your business from potential financial loss. Taxation lawyers can provide expert advice and manage your tax planning in line with ATO requirements. They can save you thousands of dollars by assisting with disputes or heavy penalties from the tax office and often reversing charges or reducing fees in many cases.
If you find yourself in the unfortunate situation of review by the ATO, a lawyer can settle any legal matters for you.
Do I need this type of lawyer for my business?
As your business grows, a taxation lawyer is likely to be necessary to handle your more challenging and complicated tax matters. The larger your business is, the more likely you will be audited by the ATO and this is where a taxation lawyer can really come in useful. Australian tax law changes on a regular basis. Hiring an experienced tax lawyer means you have a reliable partner who can ensure you stay in compliance with the current tax laws.
Here's some more information on online legal resources and free business taxation lawyer quotes:
- Lawpath. Lawpath offers free quotes for all areas. You can submit a brief which they will send out to their network of lawyers and get back to you with two to three proposals within one to two business days.
- Australian Tax Experts. These are expert tax lawyers and tax accounts operating from Sydney, Melbourne and Brisbane. You can contact them to discuss your concerns or access them via a 24/7 SMS service.
- LegalVision. LegalVision has a team of specialist taxation lawyers who cover all areas of tax law. You can call them or submit an enquiry form to receive a free fixed-fee quote and consultation.
- Sprintlaw. You can get access to Australia's lawyers through sprintlaw where they provide all kinds of resources and freebies. They have fixed-fee and membership options and free quotes.
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