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 of the fiscal 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, reducing the amount you will eventually have to pay once the current financial period comes to a close.
Leverage tax planning strategies to make your earnings work for you.
Tax planning lets you keep more of your earnings; this alone is a pretty big draw for a person or company. Our tax accounting services do more than just help you through the complex process of your taxation – we can help you make the right moves to alleviate these expenses.
Greenhalgh Pickard specialises in the many types of tax planning, all with the goal of helping you pay less; our expert knowledge of tax law means we know a number of strategies that can help. 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, and even individuals borrowing money can use the tax-deductible interest to their advantage.
Furthermore, many of the typical expenses for your job can also be tax-deductible without you knowing. Superannuation also plays a large role in your taxation, as paying your liabilities early can give you another subtraction – further contributions to the super fund will also reduce your payments.
Frequently Asked Questions
Q: What is the difference between tax minimisation and tax planning?
A: Both approaches end with you paying less tax, but tax planning involves making smart decisions to help your business using pre-existing exemptions or deductions. 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.
Q: Can non-residents make use of tax planning?
A: 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.
Q: How can I reduce my Fringe Benefits Tax (FBT)?
A: 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 good and accurate 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 this is a constant process that you have to keep up with. However, you should start it as soon as possible if you haven’t already; by being proactive about it, you can guarantee reductions by the end of the financial year. Leaving it too late shouldn’t exclude you from the benefits, but the quicker you are, the more you’ll be able to save.
Q: How do I know if I’m currently paying too much tax?
A: If you don’t already have tax planning 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 steps they can take until we help them. To take those same steps and see tangible results for yourself and others.
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 do our best to cultivate long-term relationships with all of our clients, which helps us to navigate changing circumstances and get you the best deal possible on the tax you need to pay. We help people with a variety of incomes and businesses of many sizes because we know 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 rates, 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 disposable income at its disposal to support any risky business endeavours that could bring greater success. You want peace of mind that your firm can weather a storm, and that’s where Greenhalgh Pickard can help you shine.