Scenario
Fred and Jane desire to purchase a small business and they suspect that there may be some taxation implications of operating a business including conveying real estate, employing staff, making a taxable profit/loss, capital gains etc. Fred and Jane seek the advice of their business lawyer for further guidance.
Guidance
There are a myriad of taxation implications for operating a business. Fred and Jane must be aware that there exist taxation implications from both State and Federal jurisdictions. Fred and Jane’s business (taxation) lawyer provides the following outline of the main taxation (and levy/duty) imposts that may affect them or them and/or their business (depending on their business structure)
State (New South Wales)
Taxes, Duties and Levies (non-exhaustive list)
Stamp duty on property transfer, land rich provisions, business transfer, mortgages (note recent changes), leases, shares (private and publicly listed shares receive different treatment) and units, hire of goods (now amended) and motor vehicles
Land tax, payroll tax, gaming machine tax, insurance protection tax
Parking space levy
Federal (Australia)
Taxation (non-exhaustive list)
Income tax (assessable income less deductible expenses)
Capital Gains Tax (CGT)
Goods and Service Tax (GST)
Fringe Benefits Tax (FBT)
Superannuation
Business Taxation (Partnerships, Companies, Trusts, Joint Venture issues)
Primary Producers
Deceased Estates
Foreign/International Taxation (importing/exporting issues)
Fred and Jane should by now have the gist that the Commissioner for Taxation (together with the State Government) will not miss them!
Fred and Jane are wise to include their tax professional right from commencement of their business so that sensible pro-active measures may be taken to avail themselves of the best possible taxation outcomes in a lawful manner.
Further information: Blackwell Short Lawyers, your (taxation) Accountant, Australian Taxation Office (ATO), Taxation representative bodies, Office of State Revenue NSW