It’s tax planning season. Actually, it’s always tax season because all significant business decisions should be made with consideration of the tax consequences.
May and June are when we review our business clients tax position for the financial year to recommend actions required before 30th June and calculate their estimated tax payable. It’s about taking legitimate action to fully utilise the tax law to the best advantage and making sure all concessional 15% superannuation, 26% company and low personal marginal tax rates are fully utilised.
For many clients there are thousands of dollars that can be saved, for some there are tens of thousands and in some circumstances, there’s even more. Even if the savings are only in the thousands, they have certainty and the ability to plan for tax payments over the next twelve months.
We are always surprised when we start work for a new client and they tell us they have never done tax planning before. They’ve probably been making a generous donation to the government every year.
Would you like to see what opportunities you may have to pay less tax this year? Reply to this email today with some brief information and I will select 3 business owners for a no-obligation and no-fee discussion to identify the possibilities.