Tax Planning – Is It Important?

The Importance of Tax Planning to Get the Most Out of Your Tax Return

Being hit with a tax bill, especially if it is higher than what you expected isn’t fun and being expected to pay it in 2 weeks is even worse. This is one of the main reasons why tax planning is important, what is the purpose of tax planning?

The importance of our tax planning services can help you avoid these awkward conversations and predict your tax bill for the upcoming financial year.

Every year we offer to all our clients a comprehensive tax planning service that enables you to get ahead of the curve and stay there with our tax planning strategy.

Our most successful clients undertake this review every year for some very important reasons:

• To be aware of what their likely profit and taxation position is for the year, and
• What strategies are available to them to legitimately reduce their taxation exposure, and
• How this will affect their planning and their decisions for the next 12 months.

One of the other reasons why tax planning is important is knowing well in advance what your likely tax bill will be and when it will be payable, so that the cash flow of the business can be managed effectively so that they are not caught out for example.

By undertaking some tax planning, you will never again have an unexpected tax bill or not had the opportunity to plan for it at least! One of the main importance of tax planning and how you can  minimize your taxes

What do we do?

Depending on the complexity of your situation, we conduct a formal or informal review of your business affairs. Profit forecasts and scenarios are established to provide you with a “Do Nothing” scenario.

This gives you an understanding of your likely profit and taxation payments if you choose to accept the position as it stands. Options and strategies are then provided to help you legitimately minimise your exposure and can have the right amount of planning and to have a strategy. In some cases, these strategies are simple and can be implemented in your business internally, in other cases they are more complex, and you may need us to help. We’re here for you either way.

The feedback we receive is that the clients that undertake these reviews find the results invaluable. They have certainty and see the importance of planning and implementation around their actions, they can plan strategically, and they can effectively manage their business’ most important resource – their cash.

If you would like to know more, feel free to download our e-book below. We also have articles for tax planning for businesses. Hopefully that should be enough information on what is the purpose of tax planning?

If you are interested in this service, please contact us via email or call us on (03) 9888 3175 to book an appointment today. Follow our socials for up to date important tax planning examples and strategies.