We get it – most people in business don’t go to bed dreaming about insurance and tax (although possibly there might be a nightmare from time to time).
Insurance
When it comes to insurance, not all policies are created equal. Unfortunately, the days of simply taking whatever your insurance broker recommends are (or should be) gone.
Getting an analysis of proposed insurance policies before you accept them is a sensible way of managing your risks, whether it’s insurance for a specific project or more global liability insurance. That way you aren’t caught out later believing your policy might cover you for something when it really doesn’t.
Likewise, when the time comes when you might have a claim, it’s important to jump on it fairly early. We can help advice you about whether your circumstances are covered by the policy, any pushback you might get from the insurer, and how best to go about making your claim.
Of course, if your insurer denies your claim we can help you take the right steps to press for the indemnity to cover you.
Tax
There are something like 6000 pages of tax legislation in Australia (no we didn’t count them – we just Googled it).
So you’d be forgiven if you don’t have them all memorised.
That said, tax is an inevitable and regular part of any business operations in this country. While your accountants might assist you with many elements of these, there are times when getting legal advice about your tax obligations is your best bet.
One of those areas is where you might be considering going down a path that is arguable, but not necessarily clear on the tax legislation. Having legal advice to support your arguable position is an important protection if you think the ATO might be taking a close look at the transaction later. Of course, sometimes the situation isn’t quite as arguable as you thought at first, and it’s important to know that to before you’re committed.
The other thing that happens with many businesses is that the ATO takes a contrary view to what you lodged, and issues you an assessment or audit outcome that increases your tax liabilities. We can help you work with the ATO to secure a negotiated resolution, or if required, bring the necessary internal review or Tribunal processes to argue for your position.