Whether dealing with your business or personal affairs, managing your tax liability is paramount. The tax rates and rules are constantly changing, so planning ahead allows you to make necessary adjustments ahead of time to reduce impacts to your business and you personally. Specifically, tax planning ensures you:
Keep in mind, there are particular items that need to be performed ahead of the end of financial year. We recommend you arrange to see your business adviser to plan for these, as it will assist you greatly with the process and save you time.
For matters that need attention before the end of the financial year, it is important to see your tax or business adviser in the last quarter of the financial year (Apr-Jun) to to ensure you have relevant strategies set up correctly.
BLG Business Advisers work alongside our clients during tax planning. Our team will make sure you have the right strategies in place, take the relevant action and/or make the necessary changes you require before the end of the financial year. This process also involves structuring to ensure the correct entities are in place to suit you and your requirements. Most importantly, we develop a tax program that works specifically for you.
Broadly speaking, our team will:
The changes or strategies we will look at may include:
Making sure you have covered all your bases ahead of the financial year end will put you in good stead and may save you thousands, or even tens of thousands, of dollars off your tax bill. Like many other aspects of your financial life, through knowledge and understanding comes clarity and improvement.
Take control of your taxes. Remember that taxes are the single largest recurring expense that most of us will have throughout our lifetime and tax law is complicated. We can save you time and one of our BLG Directors will talk through your options with you prior to the end of financial year. Book your appointment now by getting in touch with BLG Business Advisers online or by calling (02) 4229 2211.