The team at Meyer Vandenberg has extensive experience in dealing with Federal taxes like goods and services tax and income tax, including capital gains tax and ‘Division 7A’ issues.
Two things are certain about tax — tax law is complex and the Australian Taxation Office fervently collects the revenue for the Federal Government to deliver the country’s services. There is a balancing act that needs to be mastered between maximising wealth and not falling foul of tax laws, both of which can have life-changing repercussions.
On the one hand, a well-considered, documented and implemented business structure — at any stage during the lifecycle of a business — can deliver and protect wealth to the business owners. So too can a well-considered exit or wind down strategy protect a business owner’s wealth accumulated during the life of the business.
On the other hand, the Federal Commissioner of Taxation (via the ATO) has broad powers to access taxpayer records, can impose steep penalties for incorrect amounts of tax paid, and routinely engages in litigation with taxpayers about assessments of tax and penalty payable.
Our experienced lawyers can guide you through the complexities of tax law as relevant to your business to explain what aspects of your business will be subject to the different Federal tax regimes, and help you deal with any investigation by or litigation against the ATO about the amount of tax properly payable.