2023 Tax Planning

May 2023 

Tax Planning is a crucial aspect of financial management for individuals and businesses. Tax planning is an important opportunity to provide a review of the financial performance of your business and projected tax situation before the end of the financial year. It focuses on managing risks and capitalising on opportunities to appropriately manage your tax exposure and efficiently forecast the amount of tax you may pay.

How does it work:

In the last quarter of the financial year, we will review your income position and advise you of any possible measures that may improve your position. As a business owner, Tax Planning is essential to have a solid strategy to ensure that you’re situation remains tax effective while complying with all relevant tax laws.

This review allows us to assist you with the following objectives:

  • Estimate the amount of income tax payable for this year, and the amounts and timing of tax instalments for next year.
  • Determine the optimum mix of gross salary (and corresponding PAYG withholdings) and superannuation contributions to be paid this year.
  • Consider income tax planning initiatives that may be undertaken to minimise income tax for the current year.

What are the benefits:

There are numerous benefits of tax planning for both individuals and businesses.

  • Reduced Tax Liabilities
  • maximize tax deductions, credits, and exemptions
  • Improved Cash Flow
  • Retirement Planning
  • Compliance with Tax Laws
  • Business Growth

Tax planning is an essential aspect of financial management that can provide numerous benefits in both the long and short term for yourself and your business.

To arrange a Tax Planning session ahead of 30 June 2023, call our team in Toowoomba, Pittsworth or Warwick on 07 4637 9363.

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