Taxation is one of the certainties of life, but you should only pay what you are legally obligated to!
Proper tax planning can lower and defer the tax you pay, freeing up cash for investment, business or personal purposes. Because of that, it’s important to consider the tax saving options in your business and financial transactions.
How confident are you that you have effective procedures to ensure that you fully comply with all tax regulations, including those governing income tax, GST, payroll and any other taxes?
Are you satisfied that you are doing everything possible from your perspective to ensure that all of your tax returns are completed and all liabilities paid on time?
Are you sufficiently well prepared to minimise your likely tax position well in advance of 30 June?
OBT’s Brett Garmeister says, “Whether or not you have been on top of your tax planning throughout the financial year, it is always useful to take a quick look at some of the opportunities that may be available to you before 30 June as well as refresh upon some of the housekeeping matters that should be attended to by 30 June. This may also inspire you to give thought to your tax planning for 2012/13 and beyond!”
Through our year-round tax expertise and timely tax planning we are able to help you plan to keep more of what you earn, minimise the tax you pay on business profits and avoid penalties and interest.
OBT Financial Planning Director Rodney Turner added, “Salary sacrificing super has done wonders for tax payers in minimising tax, however in the wake of the recent Federal Budget, it could be the opposite ‘extra tax’.”
“It makes sense to speak with a professional to make sure you fully understand and are prepared for the proposed changes to superannuation and the impact it can have on your tax planning.”
As we enter the final weeks of the financial year, there are a number of key areas where careful consideration and planning can assist you to manage your year-end tax obligations – and bring forward any potential tax benefit.
Contact our friendly team to find out more about planning for the best tax outcome today.