Tax consequence in business can include one or more of the following:
- Capital Gains Tax (CGT)
- Goods and Services Tax (GST) and BAS
- Income Tax and PAYG
- Fringe Benefits Tax (FBT)
- Payroll Tax
As Accredited Specialists in Commercial Law, we have detailed knowledge and experience in identifying the tax minefield. This enables our customers to have confidence and peace of mind when running their businesses, particularly when changes to the business are planned, such as a sale of the business, acquisition of another business, or merger.
An awareness of possible future tax ramifications of certain steps in the life of a business can help to plan for the business now. This often requires a careful assessment of the activities of the business, the assets it holds, and the future plans of the business owner.
While ‘prevention is better than cure’, and it is always best to be aware of future tax issues early, sometimes problems do arise from time to time that are not expected. Professional assistance in dealing with regulatory authorities (such as the Australian Taxation Office and State Revenue Office) can often make the process easier and more likely to achieve a positive outcome.
Are you running a business or about to make changes to your business? If so, get expert help about the tax ramifications early.