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At Smith Shearer, we see tax planning as an essential aspect of managing your tax obligations and payments. It also plays an integral role in our relationship with your business, as it enables us to help you to plan for your upcoming tax obligations (so that there are no surprises) and legally minimise your tax payments.
Tax planning is a legitimate and legal way to minimise your business and personal tax obligations.
It also gives you peace of mind in knowing that you are on top of any cashflow implications prior to June 30.
The tax planning process is about being proactive with your business strategy to make structured and efficient tax savings.
It also assists you by saving time and money when it comes to your annual compliance work.
Working with your Accountant to devise your business strategy in the lead-up to June 30 is essential for business growth and maximising your return on investment.
Tax planning is a key element of wealth creation.
Nationwide research shows that over 95% of taxpayers can legally reduce the amount of tax they pay.
Tax planning is about reducing your taxable income so that you pay less tax, (i.e. more money in your pocket).
Tax Planning doesn't involve just spending money before the 30th of June, it's about having the right business structure in place and ensuring the increased spending you do undertake is done effectively to benefit you and your enterprise.
Smith Shearer's aim is to minimise your business and personal tax exposures by legitimate planning and being aware of the changing taxation requirements. This involves developing ideas and solutions capable of being implemented into your business structure.
To achieve these goals we offer:
Preparation of pre 30 June Interim Financial Statements, profit and taxation forecasts
Taxation liability projections including PAYG Income Tax Instalment obligations/variations
Tax planning strategic advice
Fringe Benefits tax planning, cost reduction and effective salary packaging options
Capital Gains Tax planning including asset realisation strategies
Analysis of Investment Taxation consequences for significant transactions
Where applicable, business advisory liaison with our specialist SMSF Advisor Tania Wright
We will request from you details of your expected income and business profits for the 2021 tax year (1 July 2020 to 30 June 2021). Based on this information, we estimate your taxable income and your tax payable before any tax planning strategies.
We will provide you with an easy to read report that explains in plain English the tax planning strategies that we recommend for your, and exactly how much tax you will save.
We will contact you or meet with you to discuss all of your tax planning options.
Some of these may be things to do in your business, and some of these may be investment / wealth creation options.
Finally, we will provide you with an easy-to-follow action plan to ensure that, together, we can do everything that needs to be actioned before 30 June.
Tax planning is about working with your accountant to understand your upcoming tax obligations and what cashflow you need to meet these obligations.
Tax planning removes the unknown and gives you peace of mind in being able to plan and save for your tax obligations and payments.
The tax planning process is different to your annual tax compliance work. It's about being proactive with your business strategy to pay the right amount of tax.
It also saves you time when it comes to your annual tax compliance obligations.
Working with your Accountant to devise your business strategy in the lead up to June 30 is essential for business growth and maximising your return on investment.
Did you know that tax planning is a key element of wealth creation?
Tax planning assists your accountant to help you manage and minimise your upcoming tax obligations; there are a number of ways we can help you to manage these obligations, primarily by varying your PAYG instalments based on your most current financial performance.
