Tax Accountants Sunshine Coast

Home » Accounting » Tax Planning, Compliance and Advice

Tax Planning, Compliance & Advice

Australia’s taxation system is complex. Businesses and individuals each need timely solutions to meeting their tax obligations and ensuring all options to lower your tax liability are explored.

Greenhalgh Pickard provides expert advice that covers all areas from tax compliance through to tax planning, including on matters relating to income tax, capital gains tax (CGT), fringe benefits tax (FBT) or goods and services tax (GST).

For businesses in particular, tax compliance and reporting regulations can be onerous and time-consuming, creating a significant burden on resources. Yet avoiding non-compliance and being proactive about tax planning, including cash-flow planning and development of tax minimisation strategies, can save significant amounts of money.

This not only helps to avoid unwelcome end-of-financial-year surprises but ensure you achieve the best possible outcome.

Greenhalgh Pickard’s accounting team brings a personal and proactive approach to tax planning and advice. This can also extend to provision of expert consulting services, as well as meeting your compliance requirements.

Andrew Patrick is one of the accountants within the team who is vastly experienced in the field of tax planning, compliance and advice.

Income tax, CGT and FBT compliance considerations

When looking at income tax you need to consider the implications of other taxes that are often overlooked, such as CGT.

A capital gain is not simply a gain; there are 52 different types, each with different characteristics and ramifications. CGT becomes complex once you start including exemptions, dates and monetary limits.

FBT is also often overlooked but is a simple concept – your employer provides a benefit and pays tax. Employers often make many costly mistakes determining this, however.

If you need accountancy advice relating to tax planning and compliance, call (07) 5444 1022.

Tax Planning Word On Calculator
Strategic Tax Planning

Why You Need Tax Planning Help

Whether as an individual or a business, you can reap a lot of benefits from tax planning; we can help with this to ensure you don’t have any surprises waiting for you at the end of the financial year. Everybody wants to reduce the amount of tax they pay so they can hold onto more of their hard-earned cash, and there are plenty of ways to do just that. Tax planning is about strategising your taxation with the help of pre-existing legislation, in turn, reducing the amount you will eventually have to pay once the current financial period comes to a close.

Tax planning lets you keep more of your earnings which alone is a sizeable draw for a person or company. Our tax accounting services do more than just help you through the complex process of preparing your tax return – we can help you make the right moves to avoid unnecessary tax. Greenhalgh Pickard comprehensively specialises in many types of tax planning with the goal of helping you pay less; our expert knowledge of tax law paired with a real life understanding of how businesses operate positions us well to assist your needs. By choosing us to help with your tax planning, you know you’re getting a top-quality solution.

Some core pillars of tax planning can be relatively simple. As an example, efficiently managing your cash flow helps you more accurately predict your company’s tax bill which provides more accurate data for planning. Superannuation also plays a part in tax minimisation strategies and often has to be put into effect by June 30 in order for the benefits to be maximused.

Call us today and we can help you perfectly plan your tax.

Why Choose Greenhalgh Pickard?

At our firm, we’re devoted to making sure that you or your company get the best tax planning, compliance, and advice possible. Our accountants know the complex world of taxation inside out, including how quickly it can change, which makes them equipped to handle your tax. We cultivate long-term relationships with our clients which helps us to navigate changing circumstances and get you an optimised outcome on your tax assessment. We assist a diverse range of clients, both individuals, businesses and SMSFs of all sizes with tailored solutions; we understand tax planning is never a one-size-fits-all solution.

Flexibility is at the heart of everything we do; we’re committed to helping people and businesses lower their tax bills so they have more room to grow at their own pace, which allows them to flourish and succeed. By choosing us as your tax accountants you can learn practical solutions and tactics for eliminating financial risk through your tax bills. You’ll be able to leverage tax credits and run a more efficient company, one that has more reliable cashflow to support your business growth. You want peace of mind that your firm can weather a storm, and that’s where Greenhalgh Pickard can help you shine.

Frequently Asked Questions

What is the difference between tax minimisation and tax planning?

Both approaches end with you paying less tax, as tax planning is a form of tax minimisation. Tax planning generally starts later in the financial year to take advantage of rules that can assist reducing tax by EOFY (June 30). Purchases of equipment that attract an immediate deduction and concessional contributions into super are both strategies that could be used. Both have to be paid either in cash or in the case of purchases, contract entered into by the June 30 deadline to be counted in that year.

 

Tax minimisation is arranging your tax affairs legitimately to reduce income, capital gains tax, and other personal or company tax requirements. To remain compliant of Australian tax laws and your requirements as an individual or company whilst minimising your tax can be difficult. The Australian Taxation Office recognises your right to arrange your financial affairs in the most beneficial way, but we recommend you always conduct your tax planning morally, with a qualified accountant.

Can non-residents make use of tax planning?

Taxation rules typically differ depending on your overall residency status, but if you’re not a full-time Australian resident, there’s no reason why you can’t still reap plenty of tax planning benefits. For example, if you haven’t been in the country for the whole of the past six months, you can gain a sizeable dividend for your Australian business. However, if you have been a resident during that time, you’ll have to pay full tax on the dividends.

How can I reduce my Fringe Benefits Tax (FBT)?

Employers pay Fringe Benefits Tax on any benefits that their workers receive alongside their wages; this can include a company car, a gym membership, or even meals and entertainment at company events. To minimise your FBT, it is vital you keep appropriate documentation, such as a logbook for company cars. Choosing to hold events within your own premises can also lessen this tax – as can sticking with benefits that specifically don’t lead to any extra fringe benefits tax, such as a cash reward for high performance.

When should I start my tax planning?

There is no right or wrong time to begin planning your tax, especially as it is a constant process that should be maintained. You should start it as soon as possible if you haven’t already; proactivity may increase reductions available to you by the end of the financial year.

How do I know if I’m currently paying too much tax?

If you don’t already have a tax planning strategy in place then it’s likely you are paying too much tax. If you don’t have the right structures and techniques at your disposal, then you will inevitably pay more than you need to, either as a person or business. The vast majority of the population are paying more tax than they need to, simply because they don’t know the benefits available to them through sound navigation of complex laws. To take take advantage of our guidance and discuss what tangible results for yourself and others are available, give us a call.

Are you eligible for an unfair dismissal?

Are you eligible for an unfair dismissal?

Employee Protections at work – Know your rights Whether you are an employee or an employer, you need to be aware of your rights and entitlements to ensure you and/or your business are protected. In Australia, the Fair Work Act 2009 (Cth) (the “Act”)...

Splash out before the End of Financial Year!

Splash out before the End of Financial Year!

You’ve only got one week left before EOFY to take full advantage of the tax benefits!   We all know EOFY is next Thursday the 30th of June and can be stressful when it comes to reviewing your business operations, but are you taking advantage of...

How does the 2022-23 Queensland Budget impact your business?

How does the 2022-23 Queensland Budget impact your business?

Key business takeaways from the QLD 2022-23 Budget announcement Payroll tax cuts for small to medium sized businesses, in effect as of July 1. Businesses across Queensland with payrolls under $10.4 million, will receive a payroll tax cut!   ...

Dangerous driving? Penalties to increase.

Dangerous driving? Penalties to increase.

Traffic penalties to increase from July 1, 2022.   From 1 July 2022, high-risk driving behaviour that continues to cause serious injury and loss of life on our roads will face tougher penalties. If you have been charged with any traffic offence, such as drink or...

5 reasons why tax planning will maximise profits

5 reasons why tax planning will maximise profits

Tax planning can help ensure you are maximising your business and its profits.   Whether as an individual or a business, you can reap a lot of benefits from tax planning. And we can help with this to ensure you don’t have any surprises waiting for you at the end...

3 tips for success in starting a business!

3 tips for success in starting a business!

3 tips to start a successful business.   So you’ve been toying with the idea of starting a business. You have the idea, you have the means, so how do I monetise it?  In a saturated marketplace, going out on your own can be extremely daunting....

Contact Your Nearest Office

If you are interested in meeting with an accountant or lawyer regarding your business or commercial interests, please fill out the form to book an appointment or call (07) 5444 1022