Tax Planning Services That Help To Minimise Your Business Tax
Tax planning shouldn’t be just a once a year activity when it’s time to lodge your tax return. It needs to be reviewed and managed on an ongoing basis to evolve with your circumstances, the introduction of new legislation and changing compliance responsibilities.
Developing effective tax strategies means looking at your short and long term goals as well as the objectives you have for your business and personal finances. You need to be laser-focused on protecting your assets, minimising the amount of tax you pay, managing your wealth and mitigating your risks.
Tax planning is more than just putting your tax return together. It’s about making sure that your business is structured in a way that will allow you to grow and expand, while minimising the amount of income tax payable.
The benefits of tax planning include:
– Minimising tax payable while growing your net wealth
– Considering your business goals and profitability to track your success
– Estimating the amount of income tax payable for the current financial year
– Estimating the amounts and timing of instalments and planning accordingly
– Ensuring your business and investment structures fit your plans
Let the expert tax planners at MGI South Queensland help you with effective tax planning strategies. We’ll help you protect your assets, maintain a healthy cash flow and take advantage of any available concessions.
Whatever industry you work in from small business, eCommerce, construction, hospitality, medical and dental to manufacturing, our tax accountants can help you.
We’re the business accountants Brisbane and Gold Coast businesses trust to get the job done right.
How our tax planning consultants can help you
Legally minimise the tax you pay
We’ll work closely with you to ensure we understand your business and identify opportunities to legally minimise the tax you pay.
Protect your assets
In addition to minimising tax, we’ll seek opportunities to protect your assets from third parties.
Identify potential exposures
Tax can be a minefield for the unwary. We’ll identify and address exposures to ensure your activities aren’t putting you at risk of significant penalties.
Take advantage of government business grants and tax incentives
Government grants and tax incentives are a great opportunity to inject more cash into your business. We’ll help you to pursue all available opportunities.
Effective Tax Planning Strategies
Company Tax Planning
Company tax planning helps to reduce the impact of tax on your company’s cash flows. Good tax planning will help you to:
- Meet your requirements under tax legislation
- Reduce your outlay on business tax
- Protect your assets.
Talk to an experienced tax accountant today and take advantage of potential tax savings.
Business Structure Advice
Choosing the right business structure is important. An MGI business tax accountant will help you review your business structure and, where needed, restructure to:
- Minimise tax
- Better protect assets
- Ensure eligibility for government business grants
- Facilitate future entry/exit of shareholders into a business.
Family Tax Planning
Family tax planning looks at maximising tax opportunities within your family. We can help you with:
- Family trusts
- Tax offsets for spouse contributions.
Talk to MGI about family tax planning strategies
Frequently Asked Questions About Tax Planning Services
Tax planning is the process of reviewing your financial affairs and business structure to legally reduce the amount of tax you pay. It involves using strategies such as income timing, expense forecasting and superannuation contributions to align your tax obligations with your broader financial goals. Tax planning helps you stay compliant while improving your cash flow and profitability.
Tax planning is important because it helps you manage your tax obligations proactively instead of reacting at the end of the financial year. By planning ahead you can take advantage of available deductions and concessions. This can help reduce your tax liability and create a more stable financial future for your business. It also helps you avoid surprises when tax time arrives.
Effective tax planning can offer a number of benefits for businesses including:
- Improved cash flow throughout the year
- Reduced tax liabilities through legitimate strategies
- Better budgeting and financial forecasting
- More informed decision-making for investments or business growth
- Ensured compliance with the ATO
- Preparation for potential tax changes or audits
Working with a professional tax advisor ensures that your strategies are aligned with current legislation and your business goals.
Tax planning should ideally be done well before the end of the financial year. In Australia many businesses begin planning in the final quarter from April to June. However it is wise to check in with your accountant throughout the year. Major business changes such as new investments, hiring staff or expanding operations can also be a trigger to review your tax planning strategy.
There are several legal tax minimisation strategies that businesses in Australia can consider. These include:
- Prepaying deductible expenses before 30 June
- Deferring income to the next financial year where appropriate
- Maximising superannuation contributions within the concessional cap
- Writing off bad debts and obsolete stock
- Reviewing your business structure for tax efficiency
- Claiming all eligible small business tax concessions
It is important to consult with a tax planning expert to tailor strategies to your specific situation and ensure they comply with ATO guidelines.
