We Can Advise you on Tax Minimisation
At Precision, our tax advisors can provide you with advice to help with tax minimisation, the growth of your business and taking advantage of government incentives.
Whether we like it or hate it, and if we’re honest, most of us hate it, tax is something we all must pay throughout our working lives and for some, even after our working lives. So, the idea of minimising the amount of tax we pay sounds appealing right?
Tax Minimisation or Tax Planning is often seen as something only wealthy people can do. We’ve all heard stories of how the rich and famous hide their wealth overseas or use complicated tax structures to avoid paying their fair share of tax.
But the truth is that tax minimisation is not just available to the elite. There are many strategies that are available to most Australian tax payers whether they are working for a salary or are in business that can reduce the amount of tax paid throughout our lives and upon our death.
At PTAM we have saved our clients thousands of dollars in tax by helping them use some of the many available strategies such as:
- Structuring assets tax effectively;
- Tax effective investing for children;
- Borrowing to invest;
- Salary sacrifice and/or salary packaging;
- Tax-deductible contributions to superannuation;
- Managing tax on redundancy or termination payments;
- Using tax effective structures;
- Maximising your Depreciation claims;
- Deferring or bringing forward business / employment expenses or income.
So, here’s how we do it.
First, we meet with you to discuss all the income you expect to receive from employment, investments, and business activities for the financial year. We also consider all the deductions that you expect to have throughout the financial year.
Based on this, we estimate your taxable income and your tax payable before any tax planning strategies are considered. In short, we take a look at where you would stand if you do nothing.
Secondly, we discuss all your tax planning options. Some of these may be things to do in your business, or with your salary, and some of these may be investment / wealth creation options. We may suggest things like bringing forward some motor vehicle expenses or prepaying for work related travel for example.
Third, we provide you with a report that explains in plain English the tax planning strategies we recommend and exactly how much tax you will save.
And finally, we provide you with an easy-to-follow action plan to ensure that both you and we can do everything that needs to be actioned before 30 June.
We make sure that wherever possible, you are only paying the tax you are required to pay. If ever there were a fun part of tax, this would be it. We enjoy nothing more than working out together how we can save you money all while you get to enjoy a beer from our fridge. It’s a win-win situation.
Too often, we end up suffering because we have procrastinated and not made a positive decision to do something. Tax planning is one of those things. Contact us to find out how we can help you to legally reduce your tax.
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If we haven’t answered all of your questions, feel free to drop us a line anytime.