Having the right tax advice can save you $$$
Simply, tax is a cost to individuals and businesses alike and a registered tax accountant can advise you on how best to maximise your returns, or minimise your tax bill. They usually maintain a team of high level experts within the company as well as utilising specialist consultants if needed, to ensure you receive the highest level of advice and the greatest opportunity to reduce tax costs at all times.
There are a suite of expenses to potentially claim and a tax experts can provide you with that advice. If you have investments, expert advice will be critical in ensuring that you meet your tax obligations.
It is important that all costs of employment are considered to increase your potential refund on all occasions.
Property and Share Investments
Tax Accountants can provide advice on the purchase or sale of businesses and property, and the taxation implications for these transactions. They will ensure that your capital gains tax on these are minimised as effectively as possible and where possible, plan in advance to remove the cost as much as possible.
Many individuals miss claiming many legitimate expenses on all employment and investment income, ensure you capture as many expenses as possible to increase your tax refund and reduce your tax costs. Seek expert advise on depreciation claims as well as gearing claims.
Effective tax planning starts by taking a step back and having a good look at your business – its sources of income, expenses, plans for the future, and structure.
There are a variety of business structures available and it is important that your business structure is reviewed periodically to ensure that it:
- meets the current and future needs of you and your business
- minimises your tax payable
- meets all recent legislative changes and variations
Expert tax consultants will help you to plan ahead now – so that your future tax payable is minimised.
A good Tax Consultant can:
- help you determine which business structure will be best for your personal needs, if you’re just starting up or restructuring
- tell you which taxes are due and when, and set up systems that will automate the process
- help you determine what qualifies as taxable income
- keep you updated on changes to the tax code and on which expenses qualify as business deductions
If done well, you can potentially save thousands. If done poorly, or not at all, you may not only be missing out on tax savings, but could potentially cost you more including lost working capital for expansion purposes.
Look for qualified taxation specialists so you can feel confident that you are doing the most to pay the least.
Structuring for specific taxation events and ensuring you are prepared for future events is essential, whether it relates to annual income tax costs or planning for international expansion – however make sure there is clear guidance when unplanned events occur and ensure you always minimise your tax costs.
B B Whitehouse Group provide advice on:
- Expenses to claims
- Research and Development costs and claims
- Appropriate documentation to keep
- Options to approach your claims so as to maximise your return
- Buying and selling businesses and business assets
- Structuring your business today to meet your needs tomorrow
- Capital gains tax and Small Business Rollover options and relief
- Self Managed Superannuation and Employee Super
- Consolidated taxation structuring, planning and returns
- Fringe Benefits Tax and planning
- Staff employment structuring and planning