Some tax issues cannot be solved just by seeking the help of accountants. When you are facing legal issues related to tax, it is best to hire a tax lawyer instead.
However, with few of them out there, it can be hard to find someone who is reliable and skilled enough. Working with the wrong lawyer will only bring more problems to your already stressful situation, so it is important to thoroughly evaluate them first.
How can we do that?
Read on to know the things you should consider before hiring a tax lawyer.
The Australian Tax Law
In Australia, there are several taxes at the federal and state levels. The major ones are the following:
- Personal income tax
- Company or corporate tax
- Capital gains tax
- Goods and services tax
- Payroll tax
- Property or land tax
- Duties of customs and excise
- Fringe benefits tax.
Taxes are usually collected by the Australian Taxation Office, or ATO, and Offices of State Revenue. Any issues with legal affairs are handled by tax lawyers.
What Does a Tax Lawyer Do?
The primary role of tax lawyers is to assist an individual or a company in complying with tax rules and regulations. They can help with legal matter arising from tax debts, tax audits, superannuation and more.
A tax lawyer also provides advice that will aid you in properly managing your financial affairs and formulating an effective solution to issues with the authorities or court.
Why Do We Need Tax Lawyers?
Although the assistance of a tax lawyer is not usually needed when filing tax returns, the following situations may demand it.
- Estate and property planning
- Starting or buying a business
- Solving tax disputes
- Rejecting tax decisions
- Investing in properties/real estate
- Unfiled tax returns
- Criminal law implications
Reasons Why You Should Hire a Tax Lawyer
To Save MoneyTax law is sensitive. Tax results can change with the structure of transactions. Also, a small mistake can lead to penalties and interest. Tax lawyers are experts in this field and able to draft documents in a timely way.
For Professional AdviceAlthough a certified accountant can give you answers to basic tax questions, enquiries related to tax law are often out of their field of expertise. Tax lawyers are specifically trained for this and will be able to give you clear explanations.
For Speeding Up the ProcessGiven that tax lawyers are knowledgeable when it comes to the ins and outs of tax law, they would be able to go through processes much quicker. They also have the right contacts.
Factors to Consider When Hiring a Tax Lawyer
LicenceThis is necessary to know that the tax lawyer you are about to hire is truly authorised to handle tax cases. It will also ensure that the service you are going to get is reliable and high-quality.
ExpertiseThere are many kinds of lawyers, so be certain that the one you will get focuses on tax law. Always confirm this before and while talking with a potential candidate.
ExperienceA tax lawyer who has handled numerous cases related to tax law should have sufficient knowledge to solve your case.
TransparencyThey should be clear and concise with their terms and conditions right from the start to ensure a smooth workflow later on and avoid misunderstandings. Costs should also be discussed before hiring them to avoid hidden fees and red flags.
AvailabilityDoes the lawyer stick to the schedule during your consultation? If not, this can indicate that you may have problems getting updates with that lawyer when you start collaborating. Also, if the tax lawyer has too many caseloads at the moment, working on your case may get delayed.
AttitudeSomeone who is patient with attention to detail is likely to be the adviser who will help you.
How Madison Marcus Can Help You
If you are looking for tax lawyers who are experts in federal and state taxation, Madison Marcus is here to help you. We are an award-winning law firm that can offer legal services related to Australian and international tax law, payroll, private rulings, superannuation laws and more.
We have a skilled and dedicated tax division which gives practical and cost-effective solutions to various tax issues that will lead to favourable outcomes.
Madison Marcus can help you in these areas of tax law:
- Tax advice
- International tax (cross-border transactions and foreign residence status)
- Tax audits
- Payroll tax compliance
- Superannuation—self-managed super funds (SMSFs) and maximising retirement income.
- Private rulings (applies to areas with ambiguity and possible tax risk)
- Objection to taxation decisions
- Tax litigation (representation in AAT, Federal Court or High Court)
For all enquiries or to book a free 15-minute consultation, contact us today.