Well considered, independent, expert tax and accounting advice is a key pillar to business success.
Whether you decide to establish your business as a sole trader, partnership, company or trust will affect the rate of tax paid, the tax deductions you can legitimately claim and things like stamp duty and capital gain tax when it’s time to sell part or the entire asset.
While the advice from a qualified and experienced business taxation specialist will never be free, the price far outweighs the cost of trying to sort out and resolve complex issues years down the track.
Described by the Australian Taxation Office (ATO) as ‘the right to arrange your financial affairs to keep your tax to a minimum’ we believe tax planning must adhere to the letter and spirit of the law.
We understand the intricacies and implications of Australian taxation law, so we are well placed to identify the legitimate opportunities available to minimise your tax contribution.
While there’s nothing like the end of the financial year looming on the horizon to sharpen people’s focus, our most important tax planning tip is to consider tax planning as an all year round activity, and start early.
With enough lead-in time and an integrated financial plan, we assist our clients to manage risk, capitalise on opportunities, strategically utilise options such as deferred income or prepayment of expenses, salary packaging, property investments and a host of other options to appropriately manage their tax exposure.
We understand everyone has a different portfolio of investments, business assets, liabilities and goals, talking to Seriously Good Accounting now will allow us to position your personal and business interests expediently to minimise your exposure and maximise your returns.
Whether you’re establishing a business, wanting to run a business more efficiently or planning to sell or pass on your business to the next generation, how the business is structured will affect the current and future value of the asset and may impact your ability to capitalise on your hard work and investment.
At a time when entrepreneurial baby boomers are looking to step back and retire or hand over the reins to the next generation, it’s more important than ever to partner with a tax specialist who can provide trusted and timely advice at arm’s length from key players.
From a practical perspective, tax structuring or tax restructuring is a way to ensure your family business and personal assets are adequately protected while managing your affairs in the most tax-effective way.
It may seem ironic but the best time to consider selling or passing on your business is when you’re establishing it. We have seen so many small to medium-sized business get into trouble because they took advice from a mate or simply failed to look at the bigger picture long term. A conversation with Seriously Good Accounting now could save you thousands of dollars in the future.
General Tax Advice
Real problems never solve themselves. If you leave them in the too hard basket they just tend to grow into bigger more expensive problems. Take the tricky out of tax with expert advice from Seriously Good Accounting.
- Do you need help with preparing your annual tax return?
- Has lodgement of BAS, GST and Payroll tax turned into a bit of a nightmare?
- Need advice on capital gains tax, fringe benefits tax or stamp duty issues?
If the answer to any of these questions is yes or if you’ve fallen behind with your tax returns, then you need to book some time to chat with Rob Dalton for trusted, expert tax and accounting advice.