With the end of financial year just around the corner, tax planning season is in full-swing here at Wright Evans Partners. If you have been pondering on the benefits of tax planning and whether it’s the right choice for you, than look no further.
When you hear the words tax planning, what comes to mind? I’m sure for many, you just think about the receipts you need to gather in preparation for your upcoming tax return, but actually it’s much more than that. So what exactly is tax planning and who needs it?
Tax planning is the practice of effectively using available strategies to optimise business growth as well as either avoid or postpone payable taxes. It is the art of keeping as much of your hard earned money as you possibly can by law. Part of business tax planning may also include finding the best way to put money away for savings and retirement.
So who can benefit from tax planning?
All taxpayers can benefit from tax planning and the savings generated from the effective service. According to the team at TaxFitness, ” approximately 50% of Australian taxpayers use legal tax planning strategies to minimise their tax with the most popular strategies being negative gearing of residential properties (2.1 million taxpayers), and salary sacrificing super contributions (4 million taxpayers).”
Why using an accountant to complete your tax planning is the right choice for all.
- Knowing where you stand: The ATO provides an extended lodgement date for business tax returns and many businesses take advantage of this, but it could be holding you back. With tax planning in place your Wright Evans Partners’ accountant will be able to tell you when to lodge to take earlier advantage of tax claims and help you understand your financial position sooner.
- Take advantage of your deductions and exemptions: If you’re not paying attention to your tax affairs, you may well be missing out on available allowances, deductions and exemptions. With many of our client base being medical professionals, it is vital that our team stays up to date with all the latest changes, and can tell you when and how to best take advantage of the many deductions and concessions you can make.
- Staying compliant: No one wants to have a tax evasion or avoidance case on their back, which is why working with a specialist tax accountant such as Wright Evans Partners is vital. We can help to identify opportunities within the boundaries of tax compliance and give you or your business the tax advantages it needs to succeed.
Making sure you have covered all your bases ahead of financial year end will put you in good stead and may save you thousands or even tens of thousands off your tax bill. Like many other aspects of your financial life, through knowledge and understanding comes clarity and improvement.
Call our office today on (08) 8208 4777 or book an appointment with us online and start saving today!