Business Tax Planning Time
It’s Time to Schedule a Year End Session for Your Business
Once again, we’re into the final quarter of the financial year, and it’s time to set up a meeting to go over your needs for appropriate Business Tax Planning initiatives.
Instead of your hard earned cash going to the Government, it’s free to be put to good use. This doesn’t mean “not paying taxes”, it simply means being smart about where you place your money to acquire maximum benefits to you and your future livelihood.
For some, this fundamental service is already included within your Fixed Price Agreement options, which you have previously elected. For others, it must be examined closely to ensure we are given the opportunity to anticipate, and in many cases minimise tax liabilities. Either way, the value you receive is substantial, and in the high majority of cases well worth the fee. However, if after your initial meeting it is deemed not necessary for your business, you will not be charged. Alternatively, you may prefer to engage in our Profit Planning/Business Development initiatives instead (of similar value).
By engaging in Business Tax Planning, you can ensure that maximum deductions and write-offs are identified and together, we can minimise the amount of tax owed. In order to make educated decisions about your business, it’s imperative to scope Tax Planning. It forms a pivotal role in reaching your Profit Goals, through the effective implementation of your Business Plan. (If you don’t have one of these, you can engage our help with this also).
The majority of tax planning falls into one of three categories – health and hygiene decisions that every business should review each year, timing benefits, and permanent savings. We will assess the implications of each of these in our meeting together.
Relevant deductions, loopholes, and exclusions are studied with some rigor. Business Tax Planning involves taking stock of assets and estimating tax liabilities well in advance of payment deadlines. This gives you time to react and re-shuffle certain divisions or debts in order to capitalise on the expected tax breaks.
Taking advantage of a tax benefit at the earliest possible opportunity makes perfect sense. It saves you cash, which gives you the time value of the tax saved plus the immediacy of the benefit creates greater certainty for you. Sometimes the action of one day can make the difference of one year in when the tax is paid.
Business Tax Planning is more a wide methodology than a fixed protocol, and what is good for one company is not necessarily wise for another. This is why we need to sit down together and examine your individual circumstance. Only then are we able to provide the best conclusions for you. Post tax plan, you will know how to structure your business so that it receives the maximum amount of profits while keeping its tax bill as low as possible.
While it is possible to run a business without planning for taxes, it is not usually advisable. Tax codes are complex, but are usually structured so as to reward companies who make sound investing or employment choices. Business Owners not in the know can miss out on a lot of savings if they do not make an investment in Business Tax Planning.
Our Partners, Gary Croese and Chris Stevens are professionals who work with local business leaders to explain the governing tax rules and then make recommendations for change. Change often comes as enhanced operational plans and project plans concerning assets, liabilities, and the structuring of internal finances, and all advice is personalised to each individual business.
We are continually focused, especially over the coming months, on helping businesses with strategic planning in anticipation of tax time. Talk to Gary or Chris ASAP (well before June 30) and they can outline all of the opportunities in your business for tax timing benefits.
What do I have to do next?
Please call Michelle, our friendly receptionist, if you haven’t already booked your Proactive Business Tax Planning meeting in preparation for the completion of the current financial year. Our phone number is (02) 4956 1640, please call Michelle now.
Gary Croese B.Bus. (Acc), CPA, FPS
Partner | GC Accountants