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Too many business owners don't pay the right amount of tax - either too much or too little! Mostly this is because the Australian taxation laws are so complicated. Our taxation system has become a bewildering mix of old and new legislation and of old drafting styles and new drafting styles. Throw in with that the ever changing policies of the Federal Government, which has created volumes of taxation legislation, and it is no wonder that our taxation laws have become almost incomprehensible.
All this adds up to the wrong amount of tax being paid.
The problem with paying too little tax is that you could be subject to an Australian Taxation Office audit that will require you to pay the tax, pay significant penalties and also a significant interest charge.
The problem with paying too much tax is, well, you're paying too much! You have worked hard for your money, so why give it away when you don't need to?
The taxation law contains many pitfalls but also contains a number of legal ways to minimise your tax bill. Cummings Flavel McCormack has experts that study the taxation law constantly and can help you through the taxation maize.
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