Capital gains tax
Most commercial transactions have capital gains tax (CGT) implications, which need to be carefully considered and dealt with. Pointon Partners can advise in relation to:
- CGT events that give rise to a CGT liability
- Characterisation of income and capital
- small business concessions
- main residence exemption
Restructuring & succession planning
Restructuring and succession planning are key issues for most businesses and their accountants. Pointon Partners can advise in relation to:
- Choice of structure (e.g. company, trust, partnership etc)
- Tax implications
- Asset protection
- Wills & Powers of Attorney
Insolvency & bankruptcy
The law relating to insolvency and bankruptcy is quite complex and potentially may affect all businesses and their key personnel. Pointon Partners can advise both creditors and debtors regarding:
- Voidable transactions (e.g. unfair preference)
- Insolvent trading
- Administration and liquidation
- Arrangements with creditors
Employee / contractor issues
The proper characterisation of employees and contractors can be critical to any business as improper
characterisation may result in significant Commonwealth and State tax liabilities accruing. Pointon Partners can advise in relation to this issue as well as the implementation of appropriate policies and procedures to minimise risk in this area.
Employee share schemes / equity issues
The retention of key staff is a critical issue for most businesses. Often key staff are enticed to remain with a business by way equity participation. Pointon Partners can advise in relation to employee share scheme provisions, which are quite detailed, and other equity issues.
Personal services income
Many small business operators need to be weary of the personal services income provisions, which deem certain ‘alienated’ income to be that of a key individual. Pointon Partners can advise in relation to these provisions as well as other income tax issues.
Deemed dividends (Division 7A)
The law regarding deemed dividends (otherwise known as Division 7A) is extremely complex. Pointon Partners can advise in relation to compliance issues as well as the drafting of appropriate documents.
Many businesses are operated by companies due to the benefit of limited liability. However, corporate law is complex and often requires careful navigation. Pointon Partners can advise in relation to:
- Director’s duties, powers and the director penalty regime
- Governance issues
- Shareholders’ rights, agreements and disputes
Trusts are commonly used in business structures, however they are legally complicated entities. Pointon Partners can advise in relation to:
- Trustee’s powers and duties
- Beneficiary’s rights
- Trust elections under the income tax law
- Trustee resolutions and trust deeds
- Resettlement issues
Superannuation funds are highly regulated entities, however they offer significant tax advantages. With the introduction of self managed superannuation funds and the ability of such funds to borrow money for investment purposes, superannuation is becoming an essential element in tax planning. Pointon Partners can assist with:
- Establishment of superannuation funds
- Instalment warrant deeds and general borrowing arrangements
- Compliance issues
The GST law is extremely complex and applies to nearly all commercial transactions. Pointon Partners can advise in relation to the application of GST and other compliance issues.
Despite a strong focus on Commonwealth taxes, nearly all businesses continue to be affected by State taxes, such as payroll tax and stamp duty. Pointon Partners can advise in relation to such taxes.