Tag: tax penalty

In today’s complex financial landscape, business owners need more than just insurance policies. Business owners need the comprehensive, unbiased advice that can only come from an Independent Financial Adviser (IFA) to create a holistic financial plan. It is important to understand the distinction between a ‘tied agent’ and an IFA.

Tax efficiency should be a key focus area for any investor’s financial plan. By making sure our tax affairs are in order, considering the tax implications of our investment decisions and maximising the tax benefits on offer, we can improve our long-term financial outcomes.

The Tax Court has again confirmed that there is no safety for taxpayers in relying on their auditor’s views to justify a tax position adopted. To the contrary, where a taxpayer infers that their tax position is justified 'because my auditor said so', it can actually result in a larger tax penalty.