Do you plan for holidays but not tax?
We plan ahead for annual holidays and even public holidays but often we don't consider how we can plan ahead to reduce our tax. Tax Planning is nowhere near as exciting as planning a trip to EuroDisney, but over the longer term it could mean the difference between how long you stay in Europe, whether you go 5 star or backpacking or if you can even go at all!
What is Tax Planning? It's the process of legally minimising your taxation liability. So reducing, the amount you need to pay come tax time.
Tax Planning is a fundamental aspect of every business' cashflow management. The process of preparing a tax plan involves analysis of your business' current and up to date Financial Statements as well as your March BAS and projected income for the final quarter of the financial year. There is no one size fits all approach to Tax Planning and we highly recommend that you speak with your Financial Advisor as a matter of urgency.
Like businesses, individuals can also implement strategies to reduce their tax liability. These strategies will depend largely on your personal situation and your financial goals.
There are a number of possible strategies and recommendations that can be actioned before 30 June to help your business or personal situation. Tax liabilities can be reduced in many different ways but just remember to always keep in mind your future investment plans and the cash flow commitments of your business.
Download our PDF Checklists (below) today to ensure that you are on the right path to reducing your tax liability. Shortly, these checklist will be useless for this financial year. Don’t pay more tax then you really need to, start planning today!
If you have any questions, or would like advice tailored to your individual situation, please do not hesitate to contact our office on 07 4151 8898.