Overview
Vulcan Geoservices is a small business formed upon the purpose of analysing geological changes, however found themselves in a rather uncomftable position at one stage with the ATO. The owner Henry engaged Oysterhub to help him save over $120k in taxes that the ATO was not letting go. A big feat but not an impossible one.
About
Client Name:Â Henry
Industry:Â Geological Services
Location:Â Sydney NSW
Size:Â 1- 5 Staff
Vulcan Geoservices is a small business formed upon the purpose of analysing geological changes and observing earth’s processes to help prevent disasters whilst also deduce other positive benefits.
"The team at Oysterhub did what no other tax consultant could help me do"
How has your project helped the client?
Tip: choose key performance metrics that speak to your target audience
Tax Saved
Satisfaction
Services Leveraged
The Challenge
There were a few business roadblocks that were in the way and Vulcan Geoservices had to overcome in order to acquire their fair share back from the ATO. These challenges although difficult were not an impossible feat.
- Unaware of the complexity of international rules associated with inter-country tax rules
- Inability to gain exemption from the ATO
- Default assessment from ATO
The Approach
We discovered that the core problem lied at the discrepancy that the ATO wouldn’t recognise that Henry and his organisation had paid their respective taxes domestically and internationally and were evoking a double up of taxes. The approach and services leveraged by Oysterhub was very efficient and effective but due to the substantial weight of the debt was a timely and lengthy process.
- Tax Planning
- Tax Debt Negotiation
"The services we leveraged were very intricate however we believed in our ability to overlay the best service"
The Results
Finding the pearl
Oysterhub was able to help Vulcan Geoservices to the utmost extent and provide them with the necessary guidance and means that would facilitate in enabling them to achieve their desired outcome. The first thing we did was become their ‘business face’ and represented them on behalf of Henry to the ATO so the claims were coming from a credible source. We then had to apply for private tax rulings to decipher how the tax laws were applicable to Henry’s benefits.
By the end of all of this and over the lengthy process we did what others struggled to do for Henry and actually help him. We saved Henry over $120k in taxes overall whereby all his default notices were in turn overturned and he could now legally lodge his taxes and claim his money back.
- Oysterhub represented Vulcan Geoservices
- Oysterhub applied for private ruling on behalf of Henry
- Oysterhub helped save Henry $120K in taxes
- All default notices were overturned and taxes could now be legally lodged
