Contrary to popular belief, you do have the choice to pay more or less tax. The only catch is that you need a tax lawyer to give you that choice.
In recent years we have seen a considerable increase in Australia’s tax law complexity which can cause anyone to want to bury their head in the sand. However, tax is an essential instrument that, if understood and used strategically, can become one of the most effective ways of sustaining or even growing your business.
Whether you are fundraising, looking into venture capital, doing corporate restructures, need personal or business tax advisory, or have found yourself in a tax dispute you might need to consult with a tax lawyer that knows the ins and outs of tax law.
When should you work with a tax accountant vs a tax lawyer?
There is a difference between a tax accountant and a tax lawyer.
A tax accountant can help you with personal or business tax planning and preparation. They work to reduce your payable tax as much as possible whilst still being compliant with the ATO such as maximising your deductions. Many individuals and businesses use a tax accountant and see them at least once a year for general tax planning.
On the other hand, tax lawyers have specialised expertise in complex tax issues and often step in when you have a significant tax risk to deal with. This could be dealing with a tax risk early such as ensuring your business is set up correctly, preparing for a sale, property development, and resolving or preventing tax disputes.
Are you starting a business?
In the heady first days of driving any start-up business, things move quickly, and no-one wants to get bogged down by heavy procedures like tax planning when there are more exciting and enjoyable choices to be made.
Yet putting your taxation planning front and centre can help sustain your business now and throughout its evolution. An early consultation with a tax lawyer can help keep your tax bill low during the critical start-up phase and get massive tax savings on selling the business later.
Running a business will mean paying taxes of some kind. Exactly which taxes you pay and at what stage will largely be governed by how your business is legally structured from the start. This choice may also influence expansion and investment down the track, your intellectual property, and tax issues upon exiting the business.
Are you planning a corporate restructure?
A corporate restructure can be a valuable exercise that helps your business become more competitive, more robust in an adverse economic climate, or set you up to pursue an entirely new direction. It can also reduce your tax by allowing you to use the corporate tax rate and deal with expected capital gains.
Whatever your goal, a tax lawyer is essential to planning and executing a corporate restructure. There is a complex system of tax rollovers and exemptions to consider, which becomes more complicated when your group operates internationally.
Chamberlains’ lawyers have extensive experience planning and implementing restructures using tax rollovers, using the corporate consolidation rules and solving international tax issues.
Have you found yourself in a tax dispute?
There is no need to go it alone when confronted with what may initially seem like a daunting tax dispute.
In most cases, you will need a tax lawyer with in-depth procedural knowledge of the tax system. Chamberlains specialist lawyers are positioned to give realistic advice on disputes with the Australian Taxation Office relating to income tax, corporate tax, capital gains tax, GST and state taxes.
We can also assist with all types of private ruling applications, commercial deals, and other ATO engagements to get certainty.
We always work to negotiate and resolve your tax disputes quickly, efficiently, and cost-effectively. This is not always possible, and we can expertly represent you in tax-related litigation that brings the matter to a fast and positive conclusion.
What tax implications do you need to consider when raising capital or entering into venture capital?
Businesses looking for outside money to grow their operations often turn to fundraising or venture capital for viable financial backing.
Such transactions have unique due diligence considerations. Chamberlains’ tax lawyers focus on successfully negotiating barriers and allowing you to obtain financing deals that meet your business objectives in a timely manner.
Whether it is advising on the final corporate structures, developing offer documents and prospectuses or obtaining concessional tax treatment, our sophisticated understanding of capital raising issues coupled with our sensitivity to strategic business matters can give you the foundation to go further and faster.
How can Chamberlains help you?
At Chamberlains, we are specialised and experienced in translating technical matters and providing practical advice to help you overcome tax hurdles and add considerable value to whatever kind of transaction you may be planning.
You can read more about Chamberlains expertise in Tax Law and meet our specialised tax lawyers here.
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