Advance tax planning goes beyond reducing your tax obligations – it also creates important opportunities for boosting your retirement savings.
For business owners, your super contribution strategy should start sooner rather than later. Advance tax planning may enable you to make the most of the available superannuation benefits.
Despite ongoing changes to legislation, superannuation is still one of the most tax effective structures for Australian business owners. However, there are now restrictions on contributing large amounts into super, which makes advance tax planning all the more important when forming your superannuation strategy.
For example, advance tax planning advice will help you take advantage of the recent catch-up concessional contributions provision.
Advance tax planning will also include a review of your SMSF assets to identify any actions necessary for complying with the rules and regulations. There may also be Capital Gains Tax relief considerations resulting from moving assets within the same financial year. There are other super and tax-related matters, including salary sacrifice, that need to be considered in relation to individual circumstances.
The purpose of advance tax planning is for you to pay no more tax than you are legally obliged to. Further, advance tax planning highlights how you can extract wealth – in the most tax-effective manner – from your business for the benefit of your personal prosperity.
At Core, we offer tax report preparation services AND advanced tax planning advice. To learn about the benefits of advanced tax planning for your business or to make a tax planning appointment, please contact your Core business accountant on 07 5438 8088 or visit our Tax Planning page.