Whether it is tax season or not, many people are having massive headaches with preparing financial reports and filing tax requirements. This is because fulfilling your tax obligations involves navigating through complex procedures and strict regulations, which if handled incorrectly, can have negative implications on an individual or a business. When it comes to these legal aspects, tax lawyers can help take the stress off your shoulders.
Read on to know how tax lawyers can help you and how you can select the right one.
What Does a Tax Lawyer Do?
Drafting and Reviewing of Documents
Tax lawyers can deal with a lot of paperwork. With professionals working on it, you can be sure that everything is without errors and will certainly be submitted on time.
Defending Your Rights
If you ever encounter questionable court tax decisions, they can let you know what your rights are and will help you protect them by countering these decisions. Tax lawyers can also do this if you receive lawsuits.
Representing You in Court
In case of a dispute that cannot be easily resolved and needs court proceedings, tax lawyers can handle them for you. They will gather evidence, create arguments and secure a favourable decision that will be suited to your best interests.
Giving Valuable Advice
Tax lawyers can also provide advice in all areas covered by tax law. These areas can be tax audits, payroll tax or international tax. They can also point out potential risks and are capable of guiding you through the necessary steps to solve your issue.
Helping You With Regulations
The Australian taxation law (enforced by the Australian Taxation Office) governs around 125 taxes, including Commonwealth taxes.
Australian taxes and excises are as follows:
- Excise
- Property
- Corporate
- Departure
- Capital gains
- Trustee liability
- Personal income
- Goods and services.
Tax lawyers can effectively help you in any level of tax procedures related to complying with these taxes and excises. This ensures that you will not get in trouble with the law.
How Do You Select the Right Tax Lawyer?
Licensed
It is important to have a tax lawyer who is truly a professional because this will ensure that they have the right skills and experience to efficiently handle complicated tax issues. You can check this by searching through your local bar association or by asking for proof during consultation.
Has God Client Feedback
Before hiring one, be sure to check if they are reliable by looking at what their previous clients are saying about them and their services. You can do this by checking for testimonials and ratings from their website or social media pages.
Ask Important Questions
Maximise your consultation and know more about the tax lawyer by asking straightforward questions. You can try the following:
- Are you licensed?
- How did you solve cases like mine?
- What types of cases do you handle?
- How can I contact you? When are you available?
- Can you give me a breakdown of the potential costs?
- How do you plan on handling my case? What options do I have?
Transparency
When hiring a tax lawyer, someone who is straightforward and clearly explains things indicates professionalism and integrity. A good tax lawyer states all costs upfront and clearly discusses all terms and conditions with you.
Get Someone You Are Comfortable Working With
There is no doubt that there are numerous skilled tax lawyers out there who can help you with your problems. However, it is best to hire one that matches your style and personality. You will be working with them throughout the process, so it is important that you are comfortable with them.
They Respect You
It is essential to pay attention to how a lawyer talks to you in your first meeting. Someone who politely answers and is patient when you ask questions is an indicator of a good tax lawyer.
Look for Someone with Knowledge in Accounting
This one is not a requirement, but definitely a good addition to the criteria. If a tax lawyer has skills and experience related to accounting tasks, that lawyer can help you with both financial and legal matters. It is like hiring two professionals at once.
How Madison Marcus Can Help You
Madison Marcus is an award-winning law firm in Australia with experienced tax lawyers who are experts in federal and state taxation, as well as superannuation laws. We have a dedicated tax division that is capable of giving practical and cost-effective advice. We are also willing to create solutions that will lead to the best possible outcomes.
Madison Marcus can help you in these areas related to tax law:
- Tax advice — advice on complex tax issues.
- International tax — this is for international tax and cross-border transactions, as well as foreign residence status.
- Tax audits — ensuring smooth and quick audits and aiming to achieve practical commercial results.
- Payroll tax — advising and assisting clients with the laws and regulations concerning payroll tax compliance.
- Superannuation – self-managed super funds (SMSFs) — helping SMSF members and trustees with regards to complying with superannuation law and creating effective strategies to maximise their retirement income.
- Private rulings — drafting and handling private ruling applications. This applies to areas with ambiguity and possible tax risk.
- Objection to taxation decisions — handling all necessary procedures for objecting to unfavourable taxation decisions.
- Tax litigation — representing you in tax disputes. This includes any levels, such as AAT, Federal Court or High Court.
For all enquiries or to book a free 15-minute consultation, contact us today.
