Tax planning

There are various ways to minimise tax, some common methods include:

• Super contributions
• Prepayment of expenses
• Buying assets which are deductible

Your accountant can help you determine which tax minimisation option are appropriate for your business.

Contributing to your super is a great way to minimise tax and fund your retirement in a tax free environment. The maximum deductible amount an individual can contribute to super is $25,000 per year. The tax rate in super is 15 per cent, which is normally lower than the tax rate personally.

It's always important to prepare well in advance. We do this by way of planning meetings with our clients. We also explain the tax consequences and timing with clients who are new to business. Setting up provision accounts is also a great idea.

Tax planning is very important as it gives you an opportunity to minimise tax before it is too late. You can maximise the return from your business by minimising the tax. We also ensure your tax plan is compliant with ATO requirements.

We meet with our clients to run through the year to date actual figures, add in an estimate of the budgeted income and expenses and project what the profit and loss, and tax position will be for the full financial year.

We discuss tax minimisation strategies with our clients and show you the tax savings that can be achieved in the meeting.