Tax Planning Time!
The end of the financial year is just over one month away!
Looking back over the year:
• Do you think you have been paying too much tax?
• Do you have irregular income and cash flows?
• Do you know what your profit will likely be?
• Have you been worrying about your tax and cash flows?
Tax Laws change frequently and as your Advisors we have the knowledge to apply those changes accordingly to your business and family needs.
Tax Planning allows us to calculate your likely positions and then to explore different taxation strategies and scenarios with you to make sure you get the best tax saving possible.
This is also imperative if you operate through a Trust. Trust Distribution minutes needs to be prepared and correctly recorded by 30 June 2019. This is the act of determining and formalising the Trusts profit distribution for the 2019 financial year. Through the tax planning exercise, we can help you finalise your trust distribution minutes and provide you with tax estimates. That way you will know what tax and or instalments are likely due and their timing.
Companies also require planning for the purpose of tax minimisation but also to meet the rules surrounding loans, dividends and franking accounts.
Tax planning is important. Not only will you benefit from knowing the latest tax savings that may be available to your business but it will also help your business’ cash flow in the long run.
Don’t leave it too late! Contact us today and speak to one of our advisors to explore your 2019 Tax Planning options!