How tax planning can free up money for your business

What is tax planning? Essentially, tax planning is something you do to put your business into the best possible tax position. After all, nobody likes paying more tax than they absolutely need to.

With the end of the financial year just around the corner, now is the time to take action. 

So, how will tax planning free up money for your business?

Get to know your numbers

With a better understanding, you’re in a stronger position to make more effective day to day decisions, whether it’s growing your business, improving cash flow, recognising opportunities and weaknesses or just maintaining your business at its current level.

Tax planning can help greatly with managing risks and capitalising on opportunities, all of which has an impact on your tax exposure.

Opportunities

• Deductions for depreciating assets
• Prepay expenses now for the next financial year
• Deduction for start-up costs
• Increase voluntary super contribution
• Review and write-off unrecoverable debt

Leveraging these opportunities well can effectively reduce the amount of tax you are obliged to pay, freeing up money to further grow and improve your business.

How can Altitude Advisory help?

Our aim is to make our clients’ lives better and to provide solutions to their accounting and business practices. Tax planning is an additional service that we offer to ensure our clients are in the best tax position at the end of each financial year.

Tax and tax planning can be a complicated and evolving process – it’s important to have an accounting partner who knows the game, is across all legislation and understands your situation and what you want to achieve. If you would like to know more about our tax planning services and how you could reduce your tax exposure, please call our office on (08) 8172 1444 or email our friendly team.