Tax Planning
Hundreds of small businesses around Mackay and the Whitsundays pay unnecessary dollars to the tax office every year due to no planning or advice from their Accountants. Whilst it’s only May, June 30 will be here before you know and now is the time to start planning to achieve any positive outcome. Effective tax planning from specialised Accountants can save small businesses thousands of dollars every year.
Small business owners need advice from a proactive Accountant who specialises in ‘total’ small business tax needs. An Accountant who simply completes tax returns and financial statements for their clients each year is not enough.
Why would you even bother talking about tax planning?
The first answer is obvious – to save your business money. The second can be answered with a question – How many times have you received a huge shock after receiving your tax bill with no prior warning it was going to be so high? You need to know what your debts are going to be so you can come up with the money to pay them off. Tax is not something in our lives that will go away if we stick our heads in the sand.
What does tax planning involve?
A proactive Accountant should have asked you for your year to date financial information already. Next, you need to estimate what is going to happen before the end of June. You may have sold some property during the year and need to provide relevant details. With this information (and previous years) available, an Accountant who is experienced with small business clients can calculate an estimate of tax payable for the year, so at least you now know what the worst-case scenario is.
The most important advice you should receive is what you can do before the end of June to reduce your tax liability. An accountant who specialises in small business can recommend various strategies to minimise tax. They may recommend using superannuation or prepaying some expenditures. Your business may need to be restructured. Do you operate with a partnership, company, or trust? If you fall into the last category, the key issue is time – you need to get things moving.
Due to the local economy’s distress over the last few years, the need to save dollars has become increasingly important, particularly for small businesses. This can be achieved by effectively reducing taxes. To do this you need a proactive Accountant who is experienced in small business matters to assist you.
Don’t wait until End of Financial Year to tackle your taxes. Plan for tax time now and save yourself time and money!
The Tax Experts
If you need assistance managing your tax in Mackay, get in touch with us at Whitson Dawson. Our team of accountants specialise in providing quality tax and accounting services for individuals and businesses. Contact us today for all your taxation needs.
