Making sure your taxes are done properly is a critical part of managing your affairs. If you don’t have the ability to do your audits properly, or if you fail to comply with all of the requirements it can have a very adverse effect on your finances and assets, and could even result in you facing criminal charges!
The best way to avoid these unpleasant and expensive circumstances is to seek the expert help of a personal tax lawyer who can make sure you don’t run afoul of the tax system’s many pitfalls! Their knowledge and expertise will ensure your taxes are done properly and in a timely manner!
Before you hire your tax lawyer it’s good to have a basic understanding of Australian tax law. Also known as taxation law or revenue law, this is a set of laws that covers all of the processes involved in the government’s assessment and collection of taxes. The many complex rules cover the legal responsibilities of all individuals, entities, and corporations regarding their revenue and the calculation of the taxes they will owe.
Australian taxation law is implemented by the Australian Taxation Office (ATO), and it can be extremely complicated. Without the guidance of a tax lawyer, it’s easy to become confused by all the strict regulations in this very broad field of law.
The following are the federal and state forms of taxes and excises in Australia for you to be aware of:
- Personal income taxes
- Property taxes
- Capital gains tax
- Trustee liability taxes
- Resident’s Income Tax Rates
- Departure tax
- Excise tax (fuel and luxury car tax)
- Goods and services taxes
- Corporate taxes
The tax lawyer’s role is to provide you with assistance with all of the matters related to your taxes, advising and finding solutions to help you navigate complicated issues. They carefully analyse all of your tax computations or returns to help you comply with federal or state regulations and they will handle any necessary legal proceedings that may come up.
Let’s take a look at some further benefits of hiring a personal tax law specialist:
- They are bound to uphold strict client confidentiality.
- They can provide immediate solutions when there are problems.
- They have a complete understanding of the taxation laws and possess all the necessary skills and experience to work with tax regulations.
- They are there to assist you if you are being audited or have been accused of tax fraud.
When you have a tax professional working on your behalf to review your unique circumstances and represent your best interests, the stress of dealing with tax-related issues will be off of your shoulders. When you begin the process it’s very important that you provide your tax lawyer with all of the necessary documentation they may request so they can understand how you have handled your tax issues so far. It is critically important for you to openly and honestly answer any questions your tax lawyer asks you regarding your tax actions or any inactions.
Your tax lawyer is there to help you, they are a very valuable ally indeed!
