Advance tax planning goes beyond reducing your tax obligations – it also creates important opportunities for boosting your retirement savings.
Knowing your tax obligation in advance goes a long way in solving lumpy cashflow or worse, a cashflow crisis that can occur when it comes time to pay your tax bill. This is particularly relevant this year as the COVID-19 situation has created unexpected changes to personal and business income, tax and cashflow.
If you limit your tax-time focus to creating tax reports and meeting prescribed tax payment schedules, you could end up paying more tax than necessary. There’s no question that the two are essential, however with a little advance tax planning you stand to make meeting your inevitable tax obligations more favourable.
Many Business owners are overlooking opportunities for improving their retirement savings, while others are facing penalties by leaving their super planning until the last minute. Whether you have a SMSF or retirement savings in an industry or retail fund, it’s important to consider your superannuation contributions in alignment with your overall tax planning. This will…
Unreliable or lumpy cashflow is rated by business owners as one of their greatest challenges. That, along with paying too much tax.
There are THREE parts to effectively managing tax. Most business owners are familiar with the first two: Tax reporting that comprises preparation of a range of tax returns required by the ATO; and tax payments which are the direct result of the aforementioned tax reports.