It has come to the attention of the Claims committee that there are a number of issues that are affected by the continually changing income tax legislation that warrant obtaining expert opinion in particular specialised areas.
Due to the changing income tax legislation, and the introduction of new legislation, it is extremely difficult for practitioners to keep abreast of current developments on a day-to-day basis. Because of the detailed matters affecting transactions, obtaining an expert’s opinion to confirm a view or to have an expert express an opinion on a proposal is certainly a prudent way to go.
There are many issues falling into this category, including:
- the small business concessions
- excess superannuation contributions
- the grouping provisions of various State Payroll Tax legislations
- capital gains tax
- GST on real estate transactions
- salary packaging
- Division 7A
- other matters that practitioners deal with on a once only basis or rarely
The Claims committee believe that the expenditure incurred in obtaining a professional’s expert opinion could be money well spent.
It may well prevent a claim having to be made on your PI cover.