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.