Download our free tax planning strategies
Did you know there is a range of strategies you can use to minimise your business tax? We’ve assembled a guide for some of these strategies for you to improve your tax situation, minimise your business tax and potentially know your liability up to 12 months prior to it’s due date!
The 3 largest benefits of Tax Planning
KNOWLEDGE IS POWER
Taking up tax planning lets you know your estimated tax liability almost 12 months before it’s due. This is particularly important if your business is doing very well and your tax liability is high.
TIMING IS EVERYTHING
It gives you time to implement tax saving strategies before the end of the financial year. The timing of implementing these strategies is very important to achieve maximum benefit and your advisor may suggest tax savings you hadn’t thought of.
A LITTLE MORE CONVERSATION
Do you know what your turnover is? Is your gross profit or net profit on target and meeting or exceeding expectations? Do you need new equipment/finance? Do you want to buy/sell a business? This is a great time to talk about changes to finish off the financial year with a bang.
REMOVE THOSE NASTY SURPRISES THAT COME AT TAX TIME – Take action now.
Investing in Tax Planning can save you significant time and money. And that is why it is one of the most valuable services we can offer. Tax shouldn’t be solely about what you owe, or what you are getting back for the financial year – We work with you prior the end of the financial year to discuss how your year has traveled and how we can improve the looming tax situation.
To put it simply, Tax Planning is a review of your information for the year to date, estimating income and expenses for the remainder of the financial year and then using this to provide you with recommendations on ways you can reduce your tax obligations. It is usually completed between March and June each year.
Tax Planning can range from a simple recommendation, such making a concessional superannuation contribution for a self-employed person prior to 30 June, or for those on a different journey, you may have multiple structures/businesses and require an analysis of your trading to date and be provided with a report with several strategies to improve your tax situation and ensure there are no nasty surprises come tax time
Don't know if tax planning will be beneficial for you?
We are offering a FREE REVIEW of your business to advise if Tax Planning will benefit your business. All you have to do is click below to provide some details and one of our Trusted Advisors will be in touch!