If there’s one thing we know, it’s that nothing is certain in life except death and taxes.
It’s a good thing we know all there is to know about tax and why it’s more important than ever to spend time on tax planning. Good tax planning needs to make financial sense, be consistent with your overall business objectives and not run foul of either specific or general anti-avoidance provisions of the tax legislation.
The complexity of tax legislation, the fast rate of change and potentially severe penalties for non-compliance, means that successfully navigating tax issues is critical. Getting good advice from the start can save you time and money.
What is Tax Planning?
Tax planning should initially concentrate on your business structure and how you operate, whether as a sole trader, partnership, trust or company. All produce different tax results. The choice of structure will depend on a number of factors, particularly the characteristics and size of the business. Obtaining the right advice about how to structure your business is critical if you want to enjoy an effective tax strategy.
Effective tax planning needs to deal with a range of taxes including income tax, the Goods and Services Tax (GST) and Fringe Benefits Tax (FBT), as well as any recent tax reform measures that may be relevant. Because tax legislation changes regularly, it’s important to make decisions based on expert advice.
Working with you, we will seek ways to reduce your tax liabilities and add value to your business or personal situation. Our advice is:
- Practical and business orientated
- Proactive and flexible
- Technically accurate
If you need help your tax planning, please contact us today.
More traditional planning activities will also remain relevant and can involve deferring income to ‘manage’ the tax burden,