Commercial Taxation Advice

Expertise

Commercial Taxation Advice

Taxation law applies to almost every commercial decision and transaction carried out today. It is imperative to have a knowledgeable tax lawyer with strong business acumen in your corner to support you every step of the way.

Whether you are looking for tax structuring advice and/or specific direct or indirect tax advice, our taxation team has the breadth of experience and knowledge to support you.

Our taxation team is made up of highly skilled lawyers with experience from top-tier legal practices and large accounting firms. Our team provides strategic and practical advice to a range of clients on a national basis, including public and private groups, small to medium sized enterprises and high net-worth individuals.

Business Tax Law Services

With decades of collective experience and unrivalled expertise in business tax law, Coleman Greig is ideally placed to tailor business tax law attorney services for businesses of all sizes. From small business tax law issues to those associated with substantial corporations, we provide the full spectrum of taxation services for all of your commercial needs, including assistance with:

  • income tax;
  • capital gains tax;
  • tax due diligence;
  • M&A transactions;
  • inbound and outbound
  • transactions;
  • transfer pricing;
  • thin capitalisation;
  • tax consolidation;
  • corporate restructuring;
  • stamp duty;
  • payroll tax;
  • GST; and
  • tax controversy and
  • dispute.

With decades of experience assisting clients with large corporation and small business tax law, our skilled, knowledgeable, experienced firm has built a solid reputation in the community for respect, fairness, and exceptional results. We take great pride in providing socially responsible services, adhering to ethical business practices, and displaying disciplined self-governance, professional integrity, and impeccable values.

Coleman Greig are available to service your needs no matter where you are located in NSW. Our network of offices are supported by the latest digital technology, enabling us to work with you in a way that suits you best.

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Understanding Business Tax Law

Understanding business tax law in Australia, or engaging the services of a business tax law lawyer who does, is crucial for any business owner. Some fundamental factors and elements to consider include:

  • Income Tax
    In Australia, income tax must be paid on business profits. The rates and associated regulations vary depending on how the business is structured. Some examples include:
    • Sole trader
    • Partnership
    • Company
    • Trust
  • GST (Goods and Services Tax)
    GST is a value-added tax. It is levied 10% on most services and goods sold in Australia but only applies to companies with an annual turnover of $75,000 or more.
  • PAYG (Pay As You Go)
    WithholdingAustralian employers are required to withhold PAYG tax from any employee payments to ensure those employees meet their tax obligations.
  • CGT (Capital Gains Tax)
    Capital gains tax applies to the sale of assets and is calculated on the difference between the purchase price and the asset’s sale price.
  • FBT (Fringe Benefits Tax)
    Certain employee benefits like company vehicles or low-interest loans are liable for FBT.
  • Payroll Tax
    With rates that vary depending on the state, payroll tax is a state/territory tax on employee wages additional to PAYG.

Common Issues Businesses Face with Business Tax Law

Many businesses in Australia need assistance from an experienced, reputable corporate tax law firm like Coleman Greig to navigate business tax law. Some common issues they often face include:

  • Late tax filing
    Tax deadlines in Australia are typically inflexible and late payments incur penalties and/or interest charges. Specific provisions exist that offer increased flexibility.
  • Tax underpayment
    Underpayment of taxes can incur substantial fines and legal issues moving forward.
  • Disorganised tax recording/reporting
    Sub-optimal or haphazard financial record-keeping makes filing accurate tax returns near impossible. Responding to audits becomes nightmarishly inefficient and complex.
  • Amendments to tax laws
    Tax laws in Australia undergo frequent changes that can overwhelm company finance departments and leave them needing clarification on where they stand.
  • Employment taxes
    The consequences can be harsh if traditional employees are misclassified (deliberately or otherwise) as independent contractors or the correct amounts of PAYG employment taxes are not withheld.
  • Sales tax compliance
    Because Australian states have different rules and rates, businesses that sell products/services cross-state must handle those differences efficiently and accurately.
  • Credits and deductions
    The rules when applying for tax credits and deductions are often complex.
  • International tax obligations
    Businesses conducting international operations must ensure compliance with domestic and foreign tax laws. This makes the process involved, time-consuming, and challenging.

Services We Offer

  • Small Business Tax Law Assistance
    At Coleman Greig, your dedicated small business tax lawyer is ready to assist with services tailored to your small business, including compliance and tax planning.
  • Corporate Tax Law Solutions
    Larger corporations that require in-depth strategic planning and litigation support need a highly capable corporate tax law firm like Coleman Greig to ensure seamless, optimised operation.
  • Representation and Advocacy
    When you need legal representation in tax disputes and audits, our team has the skills, knowledge, and experience to achieve optimum results.

Contact Us for Expert Tax Law Advice

Please contact the team today for more details about us as a company and our outstanding business tax lawyer services. When you choose Coleman Greig as your dedicated business tax law attorney, you will be treated with courtesy, respect, and discretion. We take immense pride in the numerous awards and acknowledgements we have received for our services and strive continuously to meet and surpass our exacting standards. Whether you have personal or commercial legal requirements, we have the people you need.

  • Fill out our convenient contact form for a fast response
  • Call +61 2 9895 9200 and speak to our professionals directly
  • Drop by one of our NSW offices and arrange a consultation

We look forward to hearing from you.

Plain English Guides

Plain English Guide to Personal Property Securities Act – PPSA and PPSR

The PPSA commenced on 30 January 2012, bringing with it significant changes to the area of security interests taken in personal property (generally, non-land assets).  

Plain English Guide to The Responsibilities of a Director

Being appointed as a Director of a company is very important. Not only does it increase your personal day-to-day responsibilities, it also increases the responsibility and accountability you have to the company and its shareholders.

Plain English Guide to Buying and Selling a Business

Buying or selling a business is a major decision (for both parties). Regardless of whether you are the seller or the buyer of a business there are a number of considerations that you should take account of to ensure a successful outcome.

Insights

Festive season: Managing public holiday work obligations

Employers are gearing up for a run of public holidays. Provisions requiring an employee to work on a public holiday in certain circumstances have been commonplace and not overly concerning. However, the Federal Court recently held that such a provision contravened the National Employment Standards.

FAQs

A knowledgeable, experienced corporate tax lawyer’s tax law advisory can significantly benefit small businesses in the following ways:

  • Risk management and compliance
  • Strategic tax planning
  • Maximising tax deductions and credits
  • Expert guidance

There is no substitute for knowledge and experience in financial matters. Tax advisors like those at Coleman Greig work hard to stay ahead of the curve regarding current tax legislation. This knowledge allows them to provide expert guidance on the tax effects of certain business decisions and other complex tax matters.

A knowledgeable, experienced corporate tax lawyer’s tax law advisory can significantly benefit small businesses in the following ways:

  • Risk management and compliance
  • Strategic tax planning
  • Maximising tax deductions and credits
  • Expert guidance

There is no substitute for knowledge and experience in financial matters. Tax advisors like those at Coleman Greig work hard to stay ahead of the curve regarding current tax legislation. This knowledge allows them to provide expert guidance on the tax effects of certain business decisions and other complex tax matters.

Businesses can prepare for tax assessments and proactively address issues by engaging the services of a skilled small business tax lawyer like Coleman Greig. With experience, knowledge of current tax laws, and a deep understanding of strategies to employ, a corporate tax lawyer can take a considerable burden off businesses. Their expertise can help avoid costly mistakes and ensure compliance with tax laws.

Regular reviews should be conducted as follows:

  • Minimum—Annually
  • Optimum—Quarterly
  • After significant changes in the business
  • Following legislative changes
  • On reaching financial milestones

Reviews help ensure compliance, identify potential tax savings, and avoid expensive, unnecessary penalties. Consulting with a reputable business tax law lawyer provides valuable insights and helps navigate business tax law issues.

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