As a small business or farm owner, tax planning should be top of mind as the end of the financial year (EOFY) approaches
It is essential to have a solid tax planning strategy in place to ensure that tax is maximised while complying with all relevant tax laws.
Tax planning involves analysing your financial situation to determine the most tax-efficient ways to manage income, expenses and investments. Seeking the expertise of qualified tax accountants proficient in Income Tax, Goods and Services Tax (GST), Fringe Benefits Tax (FBT), Capital Gains Tax (CGT), Payroll Tax and Stamp Duty can help you navigate the potential tax minefield.
There are several benefits to engaging in tax planning now.
Firstly, tax planning can allow you to reduce your tax liability. By taking advantage of deductions, credits and other strategies business owners can significantly lower their tax bill, freeing up cash which can be reinvested in the business or used to pay down debt.
With expert guidance, business owners can also take steps to maximise tax savings such as making super contributions, prepaying expenses and utilising the asset write-off temporary full expensing measures which expire on 30 June 2023.
Another advantage of tax planning is that it helps avoid costly mistakes.
Small business owners unfamiliar with tax law may unintentionally make errors, leading to penalties, fines or audits. Working with a tax professional and developing a strategy ensures compliance with regulation and limits any risk of costly mistakes.
Having the right business entity can also impact your tax position. For example, incorporating a business can provide certain tax advantages that wouldn’t be available to a sole proprietor.
By working Carrick Aland’s tax professionals, develop a comprehensive tax strategy that helps you achieve your financial goals and grow your business. To book a detailed analysis of your tax position well ahead of 30 June, call our tax team in Dalby, Toowoomba or Chinchilla on 07 4669 9800.
