A critical part of cash flow management is minimising expenses that you have a degree of control over, and one of the biggest expenses in business is tax!
Failing to tax plan is planning to pay more tax!
Tax planning is the process of organising your affairs so that, as far as legally or commercially possible, your liability to income and other taxes is minimised.
Tax planning is not limited to complex, high risk or sophisticated arrangements. In fact, even the most ordinary transactions when considered in tax planning (and, in particular, CGT issues) can ensure that you do not suffer adverse tax consequences by paying any more than you should.
In the famous words of the late Kerry Packer, ‘don’t ‘donate any extra to the government’ when you have the opportunity to keep more of your hard-earned business profits for yourself!
We make sure that all tax arrangements and schemes are within the law so as to not attract the promoter penalty regime or the anti-avoidance provisions and accompanying penalties.
In an ideal world, taxes would consume very little of our time and attention. In reality, though, taxes have the power to keep business owners up at night. Income tax is one of the largest expenses for most businesses and individuals, so it requires careful planning, budgeting and monitoring.
Fortunately, it’s possible to manage your taxes and gain control over their effect on your finances. When your taxes are fully understood and anticipated, you can regain control over cash flow, debt repayments and other obligations –and sleep better at night!
With a little over 12 weeks to go until the 30th of June, wouldn’t you like to know in advance what your estimated tax bill is looking like?
You can use some of the hundreds of tax-saving ideas we have at our Tax Planning meetings to keep more of the profits for yourself instead of ‘donating extra’!
Book in today by contacting Shannae Hewett on 55612643.
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