Helping to Minimise Your Tax

Helping to Minimise Your Tax

Tax minimisation is a topic that is particularly high on the priority list for Small to Medium Size Business. 

 “Are we paying too much tax?”  

“We feel like all our money goes to the ATO.”  

“We dont have the cash to pay our BAS.” 

“What is the point of working this hard when so much goes in tax.” 

These are statements we hear all too often.  Of course, no-one wants to pay tax …  

Tax must be both accepted and properly managed for optimum results.  Tax is one piece of a much larger picture of your business, and is dealt with accordingly. The key for business owners to understand is that paying more tax is a direct result of earning more profit.  More profit equates to increased wealth, so a high tax bill is in fact the sign of a healthy business.

Tax minimisation is all about careful planning, and obtaining the right advice.    The end result is tax savings that assist cash flow, and contribute to wealth long term.   Business owners often put tax minimisation at the forefront of their decision making, and may be tempted to make critical business decisions based on saving tax.   We encourage our clients to focus on building wealth first and foremost, and to consider tax minimisation as a secondary yet parallel process.

To accurately assess the tax position of your business, we require up to date and reliable financial reports.   Once this has been achieved, we identify areas where your business may be paying too much tax.   This review covers primarily GST and BAS matters, and income tax.   We review past tax returns/ATO submissions for accuracy.   Immediate tax savings may be identified.

We then advise you on how to tax plan into the future, and ensure your plans are reviewed at least annually.   Depending on your situation, tax strategy and assistance may include:

• Review & streamlining of ASIC & ATO compliance
• Education re ASIC & ATO Compliance
• Development of tax strategy customised to your business & circumstances
• Implementation of tax strategy plus ongoing review
• Tax effective business structuring
• Assessing tax implications of your investment portfolio, legal matters, and loans
• Improved internal efficiency of accounting systems & methods
• Assistance with tax matters for related parties, family, staff, etc
• Preparation & lodgement of tax returns

Inefficient systems and inadequate tax planning leads to unnecessary and costly mistakes when it comes to tax.  Whether you outsource your compliance function or manage it in-house, we assist you to implement the right systems and ensure you are planning well ahead of time to minimise tax.   We train you and your staff on the importance of the tax plan, and to understand how their role impacts the outcome.

Tax is a fact of life, which once accepted can be appropriately managed and certainly minimised.  Keep your hard earned money in your business by embracing the tax plan, and minimising your tax.