Are you paying too much tax?
Paying tax is an inevitable part of doing business.
The more your income grows, the more tax you’re liable to pay. You’re rewarded for your success with a bigger tax bill.
While we don’t want our clients to avoid paying tax or evade the tax department. We do want our clients to only pay the amount of tax they’re legally liable for.
Many business owners don’t understand the tax deductions and other benefits available to them, and don’t keep up to date with new Tax incentives.
We want to help you arrange your financial affairs to you can minimise your tax and pay only what you should. Tax legislation is constantly changing, but our team are up to date with any changes and understand how changes affect our clients.
Changes to your personal circumstances can also affect how much tax you need to pay. There could be a better way to structure your affairs, so you pay less tax.
Some examples of areas where you could save tax include:
Restructuring your business
Home office expenses
Motor vehicles - keeping log books
Loan refinancing
Family income allocation using a Trust structure
Taking advantage of the Technology Investment Boost
Taking advantage of the Small Business Skills and Training Boost
Keeping proper records for deductions
We can assess your tax situation.
We can review your financial reports and identifying potential tax saving opportunities in your business to determine the most appropriate tax structure for your circumstances. We can also advise on the financial implications of your current and planned arrangements.
We won’t just make recommendations; we’ll ensure you understand your tax obligations and give you peace of mind that you’re compliant with all tax legislation.
Knowing exactly how much tax you’ll have to pay means you can set aside the right amount of money on a regular basis, so you’re prepared for the bill and won’t incur penalties or interest.
Contact our office today to learn how to potentially reduce your tax!
*This article was originally published by The Gap and we have updated some of this content for our readers.
