When Do You Need A Tax Lawyer?
Why Do You Need A Tax Lawyer In The First Place?
Handling personal finances and fulfilling tax obligations are some of our important everyday tasks. While there are instances where you can do tax planning on your own, you may require the assistance of professionals when it comes to complex tax issues. For some personal cases or if you own a business, hiring a tax lawyer makes perfect sense.
What’s The Difference Between Accountants And Tax Lawyers?
There is some overlap between what accountants and tax lawyers do. Both professionals can provide tax preparation support and assist individuals and organisations with regards to financial decisions (subject to those cases where an AFS licence is required to provide financial services). They can also advise you on the possible tax benefits or penalties of those decisions. However, tax lawyers offer more specialisation on tax legal issues and the laws of tax planning. If any of the following situations apply to you, a tax lawyer in Brisbane, Sydney, Melbourne and most parts of Australia is just a phone call away.
Are You Doing Tax For Business?
One of the cases where you will need a tax lawyer is when you are buying or selling a business. They can help set up a provision that enables you to capitalise on gains or recover the purchase price faster through depreciation. How this ends up playing out can be quite complicated, so having a professional makes a big difference to your team.
In start-up businesses, a taxation lawyer can help you in protecting assets and reviewing your business structure so it is legally tax effective. They can also help in avoiding possible ATO penalties and interest you might have to pay to stay out of legal trouble.
Your tax lawyer will also help you do business outside the country. This way, you can be guided when it comes to foreign tax rules and regulations.
Are You Dealing With ATO Audits?
Receiving an ATO phone call or letter can be unnerving. Getting your tax affairs in order and employing a tax lawyer may give you a sense of control. From preparing documents, providing legal representation in ATO meetings, and negotiating an effective and speedy resolution to the audit, your tax lawyer will be able to assist.
A tax lawyer can also negotiate a deal with the ATO to aid in resolving your tax debt issues. You will need a tax lawyer’s legal advice and representation if you ever end up in court through the course of the audit or want to challenge the ATO decision. Furthermore, a tax lawyer provides you with client legal privilege (CLP). This means your tax lawyer has no legal obligation or duty to divulge anything you disclose to him or her.
For large companies and high net worth individuals, you have a higher chance of being audited by the ATO. An experienced tax lawyer will help you in complying with tax obligations and preparing your team for a potential ATO audit.
The Final Word On Tax Lawyers
Australian tax law is always changing together with any economic or political change that occurs in the country. An experienced tax lawyer is your reliable partner in making sure you stay in compliance with the tax law. When choosing a professional to work with, learn how long they’ve been practicing tax law, if they have experience with doing taxes in your industry and how much he or she charges. Remember, their fees are tax deductible so do your due diligence before you determine the right tax lawyer for you.