When you enter into business there are many things to fill your day such as releasing new products, managing production and distribution, maintaining inventory, hiring the right talent, etc. In the middle of all this, tax planning often takes a back seat. Therefore it is important to find self managed super fund accountants who can give you tax advice. Here are a few tips for tax planning.
• The business structure you set up while starting a business has tax implications. Tax planning is basically understanding the obligations and setting up a structure that the current tax structure allows to blossom.
• Make complete use of deductions and allowances. The expenses you make need to incorporate tax deductible expenses such as investment property tax. This will enable you to pay less and save more.
• And lastly, take capital gains tax advice from a professional only. It is practically impossible to make complete use of all the benefits and be completely aware of the system alongside running a business.
Call Gotsis Accounting for any tax related enquiries.
