sTaxation laws are complicated and confusing for most people, and so it can be tempting to not bother learning the intricacies of our tax obligations and just hope for the best. This is a mistake, especially if you own a business, as failure to meet the requirements can result in heavy fines. Luckily, a tax lawyer can explain all these difficult concepts and help you meet obligations. This article is for those of you who wish to learn when it is necessary to hire a tax lawyers, and why they are important.
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What Is a Tax Lawyers?
A tax lawyer provides taxpayers with representation and legal advice on tax disputes and audits, international tax, taxation planning, and a variety of other issues. They can help you to understand your rights and obligations so that your business will comply with the Australian taxation system. A tax lawyer is also equipped to assist you with drafting and reviewing tax-related legal documents, which is essential if you want the documents to be legitimate. If you become involved with a taxation dispute with the Australian Taxation Office (ATO) a tax lawyer can represent you in court as well.
What a Tax Lawyer Can Help You With:
Tax laws are complicated and continually change, so if you aren’t a professional in this area it will be hard to keep up. Unfortunately, legally you are obligated to understand the tax laws and you can easily get in trouble if you don’t follow them. You can’t simply claim ignorance when you are in court and say you didn’t understand the laws, as this is not seen as a sound argument. The penalties for not complying with tax laws are harsh, and so sometimes it’s better to enlist the help of an expert to prevent any issues occurring.
Tax lawyers can provide legal advice and representation for issues such as:
- Objection to a decision made by the ATO or Offices of State Revenue (OSR)
- Tax audit by the ATO or OSR
- Debt recovery
- Insolvency or bankruptcy
- Criminal proceedings from the OSR or ATO
When Is It Most Beneficial to Hire a Tax Lawyer?
Hiring tax lawyers is necessary for some infrequent personal matters, but mostly it is business owners who will require the assistance of a tax lawyer, as they are engaged in more complex tax-related matters. Companies and people with a high net worth are also more likely to receive tax audits, so this is something a tax lawyer can help you prepare for. In order to protect your business, you will need a tax lawyer to explain the tax laws and help you write legal documents, and represent you in court if need be.
There are several moments when it is the most beneficial to have a tax lawyer, they include:
- When you are lodging tax documents:
They will make sure everything in the documents is accurate and legitimate.
- If you are a buying or selling a business:
When you are buying a business a tax lawyer will help you review your business structure so that your assets are protected. For selling a business, they set up a provision that helps you recover the purchase price and capitalise on gains.
- Dealing with an ATO audit:
A tax lawyer will ensure your audit is dealt with quickly and effectively. They will provide legal representation at meetings, negotiate a deal, and prepare your team to deal with the repercussions.
Tips for Choosing a Tax Lawyer in Perth:
In order to receive the full benefits of hiring a tax lawyer, you need to choose a qualified lawyer who is knowledgeable about your situation or your business’s industry. Pick someone you can develop a good relationship with, as they will often do repeat work for clients, and it’s helpful to have someone you trust. Make sure you consider a range of tax lawyers in Perth to ensure you choose the most suitable person for your circumstances.
This blog article is not intended to be a substitute for sound legal advice, you should always contact an accredited legal professional for your taxation law needs.
