Personal Taxation Advice

Expertise

Personal Taxation Advice

Taxation is a common issue that must be managed by individuals and family groups. Whether you are seeking to structure an investment, build wealth, protect your hard-earned wealth, sell your business or implement a succession strategy, our taxation team has the breadth and depth of experience to support you by providing a tailored service. 

Led by our high-profile Principal Lawyer, Peter Bobbin, who has over 30 years’ of experience in taxation, trusts and succession planning, our team is renowned for providing strategic and practical advice to high net wealth individuals and their family group, expatriates, and senior executives of large corporate groups.   

Our taxation team is also often called upon to support other professional advisers, such as accountants and financial advisors, to provide holistic solutions to their clients.  

We provide the full spectrum of taxation services, including assistance with:  

• income tax; 

• capital gains tax;  

• cross-border taxation and tax residency;

• tax structuring and planning; 

• trust taxation  

superannuation (including self-managed super fund);

• succession planning;

• states taxes, including stamp duty and land tax; and  

• managing reviews and disputes with revenue authorities. 

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.

Any personal information you provide is collected pursuit to our Privacy Policy.

Personal Taxation Advice from an Expert Tax Lawyer in Sydney

With Coleman Greig as your personal tax attorney, you gain access to a team with an incredible wealth of knowledge and experience. When dealing with individual tax matters, the level of complexity can be overwhelming and cause significant stress. A personal tax lawyer is the ideal solution, providing focused support, information, and assistance with all the above mentioned factors.

As Sydney’s leading tax planning law firm, we efficiently handle commercial and personal tax affairs, offering practical, workable advice.

What is Personal Tax Law?

Personal tax law in Australia refers to the rules and regulations that govern individual taxation, as follows:

  • Income Tax
    Australian residents pay tax on their worldwide income, whereas non-residents are only required to pay tax on income sourced in Australia. Tax rates vary depending on residency status and levels of income.
  • Medicare Levy
    Typically, Australian residents pay 2% of their taxable income to help fund Medicare, the public healthcare system.
  • Tax File Number (TFN)
    A TFN is a prerequisite for working and paying taxes in Australia, and higher rates may apply without one.
  • Lodging Tax Returns
    Individuals in Australia are required to lodge annual tax returns. These provide details of their total income, approved deductions, and eligibility for tax offsets.
  • Deductions and Offsets
    An individual’s tax payable can be reduced through acceptable deductions like work-related expenses and offsets like the Low Income Tax Offset.
  • Capital Gains Tax (CGT)
    Any profit from selling assets like property or shares is liable for CGT. The amount is calculated based on the difference between the purchase and sale prices.

Coleman Greig: Our Personal Taxation Services

  • Strategic tax planning
  • Compliance
  • Representation in tax disputes
  • Amendments and appeals

With Coleman Greig as your expert tax lawyer in Sydney, you will experience the unparalleled knowledge, skills, and services and skills of an award-winning team. Our unwavering governance rules allow us to provide fair and effective tax solicitor services, providing superior legal services that reflect our ethical values and social responsibility as a company. Our role in the local community is vital, and we work hard to support local businesses and individuals.

Our goal is to simplify confusing legal concepts through plain English guides, detailed publications, and helpful webinar recordings.

Please visit our superb media centre for insightful blogs, the latest news and alerts, and practical ebooks to further your learning. You will also find information about career opportunities and regular events, like the Coleman Greig Challenge.

Contact Coleman Greig

The Coleman Greig firm prides itself on professionalism, discretion, and client satisfaction. Please don’t hesitate to contact us with questions or comments; an experienced tax law specialist will gladly assist however possible.

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.

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Frequently Asked Questions about Personal Tax Issues

Although receiving notification from the Australian Taxation Office (ATO) that a tax audit is required can be stressful, staying calm and organising yourself is crucial. Some recommended steps include:

  • Remain objective
    Audit notices are not an indication that you are in trouble. The ATO uses various methods to select individuals to audit, including:
    • Risk profiling
    • Random selections
    • Comparison with industry benchmarks
    • Third-party data from banks, employers, and government agencies
    • Following up on previous audits
    • Significant or unusual transactions
    • A chequered history of compliance

Stay calm and work your way through the steps systematically. 

  • Review the audit notice
    Read the audit letter carefully (seeking advice if necessary) to understand what is required and the timeframe involved. Reach out to the ATO for clarification if you are confused.
  • Respond promptly
    Note the specified timeframe and begin immediately to avoid penalties or potential legal action
  • Gather relevant documents
    An organised system of maintaining records and storing documents makes it easier to locate everything you need, including:
    • Receipts
    • Invoices
    • Financial statements
  • Seek professional advice
    The advice and assistance of a tax lawyer or advisor are invaluable when facing tax audits. Their knowledge, experience, and calm, methodical approach are the perfect way to proceed, and they may even liaise with the ATO on your behalf.
  • Ensure all the information you provide is complete and accurate
    Answer each question honestly and do not provide unrequested information.
  • Review Your Tax Position
    Double-check everything for errors and correct them by lodging an amendment if necessary

When you engage the services of Coleman Greig as your tax law specialist, our experts will take the brunt of the work off your hands and ensure everything is in perfect order before submitting your tax return.

A tax lawyer is an invaluable resource when tax planning in Australia. Some critical ways they can assist include:

  • Tax planning strategically
    Your taxation lawyer will analyse your finances and help develop strategies that ensure compliance with Australian tax laws while minimising your tax liabilities. They are experienced in identifying potential tax credits, deductions, and breaks you might not realise you are entitled to.
  • Legal representation as required
    If you face a tax audit or dispute with the Australian Taxation Office (ATO), a tax lawyer can represent you, providing legal advice and negotiating on your behalf to achieve the best possible outcome.
  • Facilitating complex transactions
    In scenarios involving acquisitions, mergers, or other complex transactions, your tax solicitor will structure them efficiently, avoiding unnecessary tax liabilities.
  • Risk management and compliance
    A competent tax lawyer in Australia will ensure compliance with constantly changing tax regulations and laws. This reduces the risk of legal issues and penalties. They will advise you on managing tax risks moving forward and capitalising on any opportunities.
  • Resolving tax disputes
    When disputes with tax authorities occur, your tax planning law firm will assist in drafting any submissions, appeals, and objections you wish to file. They will provide legal representation in any subsequent negotiations or court proceedings.

Several essential steps will significantly improve your chances of complying with tax laws in Australia, as follows:

  • Recognise and understand your obligations
  • Maintain accurate, detailed records
  • Always lodge tax returns expediently
  • Source professional advice from a tax planning lawyer
  • Remain current with amendments to tax laws and regulations

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