With the end of the financial year just a few weeks away, there is no time to wast in preparing your tax plan. Tax planning involves examining your business’ recent and updated financial records, BAS and your expected income for the coming quarter. Once this has been done, you can start to employ a variety of methods in order to legally minimise your tax liability.
Tax planning is vital in order to create a profitable business. Superannuation contributions, structured salaries, debts and investments can all save you money on tax payments. Some of the following matters could be of use in helping you to reduce your business’ tax liability for the 2010 financial year.
- Ensure that you meet both mandatory and maximum superannuation contribution criteria
- Utilise prepaid expenditure options where possible
- Realise capital losses to reduce capital gains tax
- Purchase equipment
- Defer Income
Tax planning can be a very complicated process due to the large amount of factors that contribute to the amount of tax you are liable to pay, and they all need to be taken into account. It’s important to seek professional advice when it comes to structuring your investments and superannuation as well as various other factors such as those outlined above, in order to maximise your after tax income.
Here at The Quinn Group our experienced accountants will help you assess your situation and suggest a number of possible strategies and actions for your business. If this is done before 30 June we are confident that we will be able to obtain the best possible tax return for you and legally minimise the amount of tax that you are liable to pay.
If you are a business owner or company director speak to us today about the best way to legally reduce your 2010 taxation liability. There is no time to waste! Click here to submit an online enquiry or call 1300 QUINNS (784 667) or +61 2 9223 9166 to begin creating your business’ tax plan.