Hynes Tax are taxation specialists who provide taxation on a range of Australian and international tax issues and also prepare Australian income tax returns on behalf of taxpayers.
Hynes Tax also co-ordinate and participate in the preparation and updating of all material published at http://www.clearlytax.com
In role as tax authors we provide specialised taxation advice on a range of Australian Federal domestic and international tax issues. We understand the importance of taxation issues for business and individuals. If you feel you are paying more than your fair share of tax we are available to analyse your tax circumstances and provide you with a report covering your particular circumstances.
The following are examples of increased tax liability, which occur every day, and which could have been avoided if competent professional advice had been obtained:
Example 1
An individual taxpayer acquires a residential property and lived there for six months declaring this property their main residence. After six months they move out and rent the property. Four years later the property is sold and they are assessed for capital gains tax on the sale. This could have been avoided.
Example 2
A corporate taxpayer expands into Asia but is unaware of the taxation climate of the new tax jurisdiction and has little knowledge of the treaty arrangements and transfer pricing rules of both Australia and the other country. Transfer pricing issues arise in both countries with the outcome being a costly and long-running dispute with different tax jurisdictions.
Example 3
A taxpayer has accumulated prior year losses. An advisor suggests the introduction of a new line of products to boost sales. The strategy is successful and the taxpayer subsequently makes a profit but cannot set off the prior year losses against profits as they fail the same business test. This could have been avoided.
Example 4
A taxpayers has operational and financial difficulties and is advised to restructure to minimise income tax. The ATO adopts the view that the dominant purpose behind the re-structuring was to minimise tax and imposes heavy administrative penalties as well as assessing tax which was intended to be avoided. The outcome could have been more tax effective.