Are you paying the right amount of tax?

Australian tax laws are extremely complicated with a bewildering array of old and new legislation, old and new drafting styles and the ever-changing policies of Federal Governments, creating an almost incomprehensible mix of legislation.

Which can all add up to business owners paying the wrong amount of tax – either too much or too little…..

The problem with paying too little tax is that you could be subject to an ATO audit that will require you to pay additional tax, as well as significant penalties and interest charges.

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?

But while Australian tax law contains many pitfalls, it also contains many legal ways to minimise your tax bill. Our Tax Consulting team is made up of experts whose role is to understand the intricacies of tax laws as they change, to help you through the taxation maze – and make sure you pay the right amount of tax.

Tax advice is a real strength at CFMC with our team of specialist tax experts focussed 100 per cent on the taxation arena. Key areas of expertise include:

  • Income Tax
  • Capital Gains Tax
  • Fringe Benefits Tax
  • Goods & Services Tax
  • Stamp Duty
  • Companies, Trusts, Partnerships, Joint Ventures
  • International Taxation
  • Taxation issues related to financing Employee remuneration & salary packaging
  • Business Structures
  • Anti-avoidance provisions, particularly Part IVA.
Planning for Capital Gains Tax minimisation matched with a depth of knowledge of complex CGT rules regularly saves CFMC clients large sums. As CGT experts, we deal with complex issues on a daily basis, consulting with government on this area of the law and advising not only our own clients on the implications but also other accounting firms and legal firms too.

A sound knowledge of CGT principals is of particular importance when a business is sold or acquired. This knowledge can mean the difference between paying no tax and paying nearly half the profits on the sale as tax. Even though CGT is a complex area we will be able to explain it to you in terms you will understand.

The remuneration packages you pay your employees should do two things – compensate them for the work they have done and motivate them to keep working for you. The trick is to ensure that you are being effective in achieving these goals. Engage us for our remuneration planning services and we will:

  • advise you on the market rate of remuneration for your employees
  • design tax effective remuneration packages
  • design incentive programs
  • advise you on equity participation schemes
  • advise you on superannuation issues
  • advise you on the indirect costs of remuneration such as payroll-tax, WorkCover etc..

When non-cash benefits are provided to employees, the impact of FBT also needs to be taken into account. Different types of benefits can be treated quite differently under the FBT law. We are specialists in the operation of the FBT legislation and can advise you on its implications for your remuneration policy. Your employee’s remuneration should be rewarding, motivating and tax effective.

If the consolidation tax regime applies to your business, the entities in your business can be treated as a single entity for income-tax purposes. You must elect for the consolidation regime to apply to your business structure. If a group is able to consolidate for tax purposes, it is usually strongly recommended that you do so. This is because the tax concessions that formerly related to the movement of assets around corporate groups and the grouping of losses with profits in other parts of the group have been repealed. The consolidation tax regime is extraordinarily complex and if you wish to use this regime, you will need expert advice from our in-house specialists.

Why use our Consulting services?

  • Our Expertise
  • Capital Gains Tax
  • Goods and Services Tax
  • Remuneration Planning
  • Consolidations

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