Tax planning does not mean any tax, it is the analysis of a financial situation or plans to ensure that all elements work together to allow you to pay the lowest taxes possible. Income tax is one of the largest expenses for most businesses and individuals, so it requires careful planning and monitoring.
Tax planning could be referred to as annual planning because taxes are an integral part of overall financial plans. Additionally, this planning must take place every year to keep up with changes in your business, changing tax codes and your upcoming goals.
How tax planning can help your business.
Estimate the amount of income tax payable for the current financial year
Find out the maximum allowable deductions
Find out the best strategy to minimize the tax payable
Discuss and review your Superannuation and its role in tax
Considering your goals and profitability to track your success
Make sure that your business and investments structure fit your future plans
If you want to talk to a accountant who can help you to create tax planning strategy to minimize your tax liability, get in touch with Business mantra today.