Tax Planning is a process conducted in April and May of each year, which applies specific strategies to successfully:
- Minimise the tax your business will be required to pay for the current financial year, and
- Maximise your cash flow
We start by reviewing the financial position and performance of your business so far for the current year and then projecting your likely upcoming profit and tax obligations.
We then implement specific strategies to reduce tax and improve cash flow:
- Reducing assessable income
- Increasing allowable deductions
- Distribution of income
- Increasing tax offsets
- Deferring payment of tax
- Accounting for any extra drawings from Companies or Trusts in the optimal way (and complying with Division 7A legislation)
- Optimising business structuring
Don’t let your business suffer huge unexpected blows at tax time. We’ve seen good business fail due to a lack of planning for tax payments. Plan for and minimise your tax liabilities with our Tax Planning service. And as always, we offer an upfront fixed price for this service.