A lot of business owners fall into the trap of believing that taxes and taxation rules are the sole field of accountant. They aren’t. In fact, a decent commercial lawyer who specialises in taxation law can be a major asset to your business – if you use them right.
In this article I’m going to have a quick look at a few of the things that an experienced commercial lawyer will be able to help you with when it comes to managing your business taxes. This isn’t financial or legal advice, but it should help guide you when it comes to employing a new lawyer.
The top 5 ways a commercial lawyer can help you organise your business taxes include:
- They Can Help You Structure Your Business
An experienced commercial law team will be able to help you structure your business in the most tax favourable manner. There are a lot of things that you can do to minimise the amount of tax you have to pay and maximise your profit, but it can be hard to figure them out on your own.
- They Can Help You Mount ATO Challenges
If you’ve been on the end of an unfavourable Australian Tax Office (ATO) decision then you’re well within your rights to challenge it and ask for the decision to be reviewed.
A commercial lawyer specialising in Australian tax law will be able to help you put your challenge together. Working alongside you and your team, they will help you come up with the best defence for your situation.
- They Can Help You Protect Your Assets
Asset protection is a crucial part of running a successful business. Working alongside a commercial lawyer, you should be able to set up some form of personal asset protection that reduces the risk of you losing everything, even if your business fails.
- They Can Help You Gain Tax Exemptions
You’ve probably heard of major companies and corporations paying little to no Australian taxes. Sometimes this is because they pay tax overseas, but it’s often actually because they’re able to gain some sort of tax exemption status.
Working with a decent commercial lawyer, you might be able to claim something similar for your business, helping you minimise the taxes you pay.
- They Can Help You Work Out GST Issues
Things like GST and other business taxes can be complicated, especially if you’ve been audited and found to be doing the wrong thing. However, an experienced taxation lawyer will be able to help you sort your taxes out.
They will also be able to help you understand the things you’ve done wrong – if anything – and help you mount a defence against any charges that have been brought against you.
Final Word
Although most people turn to accountants as their first port of call when they’re having tax issues, this isn’t always the best thing to do. If your problems have a legal basis and the potential for legal penalties, then you should consider speaking to a commercial lawyer.
Get in touch with your local law firm and find out how they can help you manage your business taxes.