Taxation law is the body of rules and regulations revolving around the payment of taxes. It is levied at the three levels of government namely, federal, state and local. Federal government taxes governed by this law include income tax, sales tax, goods and services tax and fringe benefits tax. State taxes include payroll tax, land tax and stamp duty duty. Meanwhile, local government taxes governed by this law are those taxes that are derived from the rates of property.
What is Taxation Law?
Taxation law was established in order to regulate the payment of taxes in Australia. It aims to promote voluntary compliance, encouraging citizens to pay their taxes accordingly for the good of the whole community. In addition, it aims to discourage tax evasion within the national and international level.
Taxation law aims to minimize tax evasion cases and to strengthen the international efforts in combating tax evasion by means of the following:
- Undertaking simultaneous audits where appropriate
- Sharing of information among revenue authorities
- Encouraging compliance with the OECD guidelines on the exchange of information and policy
- Searching for broader options for sustainable social and economic development for those tax havens that are developing economies
Who Needs Taxation Lawyers?
Taxation law firms and lawyers have specific knowledge regarding the federal, state, and local taxation laws. Their expertise and in-depth knowledge on issues concerning taxation can be beneficial to individuals and corporate businesses which are facing tax issues and controversies.
Taxation law is a volatile topic and its regulations may undergo several changes within a certain period. Taxation law firms and lawyers can give legal advice to individuals and corporate tax payers to help them understand the changes involving the taxation law. In addition, taxation lawyers and law firms can offer a range of legal services to clients including the following:
- Assistance in negotiating and dealing with authorities and tax departments
- Assistance in handling corporate and income tax matters as well as employment tax, sales tax, estate and gift taxes and municipal tax
- Assistance in dealing with delinquent tax filings and unpaid back taxes
- Providing legal advice on matters such as property seizures, liens, sales, wage levies and other settlements in the collection efforts and tax department
- Providing legal advice and assistance on tax planning, reducing or eliminating estate taxes, reducing commercial property and residential property taxes and minimizing income taxation
- Providing assistance in domiciling a corporation in a low tax state
- Representing clients during tax department audits and criminal or civil litigation
Taxation law firms and lawyers are adept with the regulations contained in the taxation law. If you need legal assistance concerning tax matter, these law firms and lawyers can help you.
For more inquiries about the taxation law, contact a taxation law firm or lawyer.