We have a sticker on our boardroom white board for many years that proudly states that ‘Taxation is Theft’. Our clients love it and we all know it is tongue in cheek. We put a sheet of paper over it when we have the ATO in the office as we are not so sure about their sense of humour.
The reality though is that taxation is more of a legal obligation than a moral one. You are legally obliged to pay the correct amount of tax and not a cent more than that. If you feel morally inclined to pay more than you are legally obliged to pay, then there are a vast number of ways you can direct your generosity to the specific causes that you wish to support.
Our philosophy to taxation is that you should always pay the correct amount of tax and in doing so you meet not only your legal obligations but also your moral and ethical obligations to the community.
Taxation laws are as complex and detailed as any law in our land and you are entitled to seek out a thorough understanding of those laws to ensure you manage your affairs in a manner that attracts no more tax than what you are legally oblige to pay.
Philosophically taxation is simple, your government determines how much tax it needs to collect and from whom then it puts into law your obligation to pay your share. The devil, as they say, is in the detail and we are very good at understanding the detail of taxation law.
We strive to provide substantial positive value to your financial life by ensuring you pay no more tax than you are obliged to and we expect you to be comfortable about employing our services and paying us a fair fee for fulfilling that role in your life.
Our principal roles fall into the following broad categories
Strategic Planning & Structural integrity
Getting it right in the first place is critical as it is incredibly hard to fix poor planning afterwards. Like a good building it starts with the best foundations that are designed to carry the weight of your financial needs for a lifetime no matter what surprises are thrown at you along the way. We like to think of ourselves as the structural engineers of your financial life.
Taxation law is literally a minefield of partially hidden traps. Whilst the obscurity of the laws provides hidden dangers that are often unintentional hazards, they are administered according to the law in a black and white fashion. Our role is to guide you through the minefield. Most people can be an expert at a number of things and also be very skilful at a lot of other things, but no one can be an expert of everything. Our team provides you with the expertise in the areas of taxation management that is not practical or economical for you to personally develop yourself.
We put an enormous effort into ensuring our clients do not face this most stressful of all taxation events. Our motto that we provide ‘peace of mind’, targets directly the damaging nature of compliance failure and tax audit exposure. We know what will bring the attention of the tax office to your doorstep and we help you to avoid that from occurring. This is through a mixture of the advice we give to you about how to manage and structure your affair’s, but it is also largely due to our ability to ensure your transactions and documentation comply with the detailed nature of the taxation law. In reality our clients face numerous audits during their financial lives; it is just that they never know about most of them, because we deal with them before they become an issue. As an accounting practice we also pride ourselves on being a small target for the ATO by having a reputation for high compliance and integrity.
Keeping your taxation costs to no more than that required by the law requires specialist expertise which we can provide as a member of your team along the way.
Taxation laws are one of the complex laws in Australia. We can assist you by explaining the tax laws to you in the simplest terms so you have a good understanding of your taxation affairs. We can also prepare Tax Estimates and assist you with implementing tax planning strategy before the end of financial year which is the 30 June to minimise your tax liability. We can provide you with comprehensive tax advice on tax saving options that best suits your needs and objectives.
David is our Tax Specialist and has worked in the tax and accounting field since 1982. David spent several years early in his career working in the ATO. He joined the Abbotts team in 1997 and became a Partner of the Practice in July 2000.
Contact Abbotts today to learn about our taxation services
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