Goods and services tax (GST) is a very significant cost required to be considered in virtually all transactions.
Payable on transactions, rather than from profits as in income tax and capital gains tax, errors in the collection of GST can quickly accumulate to very significant liabilities. Accordingly, it is vital that enterprises accurately understand their GST obligations - both for general operations and, particularly, for major transactions.
GST is also an identified area of focus for the Australian Taxation Office, both in terms of GST audits and because the Australian Taxation Office regards itself as being in a ‘testing’ phase of highly technical aspects of the GST law.
Our taxation group includes lawyers who combine specialist GST knowledge with wider taxation and commercial skills to enable them to provide GST advice in combination with a consideration of other taxation and commercial effects, which is ideal for businesses contemplating any major transactions.
This allows us to provide GST advice of the highest technical standard but which is targeted, practical and precise. In addition to providing pro-active advice, our experience with tax audits, disputes and litigation, enables us to provide ‘complete’ taxation support for internal GST reviews and assistance in Australian Taxation Office audits.