You may have overheard accountants or managers within your business discussing tax planning, but what exactly does this involve? Tax planning is a service that, like any good accountancy firm, we recommend to our clients as a matter of routine. There is an old saying in business; “failing to plan is planning to fail.” Good organisation and efficient operating procedures are essential for any business that is eyeing the higher echelons of success and renown.
Why Do I Need Tax Planning?
There is, in the modern world, a very fine line which businesses must seek to walk. On the one hand, we of course understand the necessity of taxation and no honest businessman could say, hand on heart, that they don’t believe in paying tax. However, there are some, perfectly legal, means by which a business can look to reduce its tax bill. There are three ways of achieving this;
This is the easiest, most obvious, and most inadvisable way of reducing a tax bill. In short it is either deliberate false reporting in order to create a distorted image of a company’s finances, or simply withholding the money owed as tax. Needless to say, no reputable accounting firm will help you here. On the other hand…
It is in the realm of tax avoidance that most accountants are making their money while businesses are saving theirs. Labyrinthine tax regulations in many parts of the developed world mean that there are a number of legal routes that one can take to reduce their tax bill, but identifying and exploiting these routes requires a skilled and experienced accountant and is a time-consuming process. Tax avoidance is also shaky ground morally, although usually not legally. Often tax avoidance involves an artificial or contrived scheme that exists purely for tax purposes. In the pursuit of saving money this way, many businesses end up incurring penalties. That is why our preferred option is…
Tax planning follows both the letter and spirit of the law. It does not invoke any strange schemes or offshore shell corporations. Our accountants are well trained and know exactly where to look in the law books and in a company’s finances to identify the best opportunities for saving you and your business money. The tax planning services that we offer are based on our accountants’ expert knowledge of their field and a deep understanding of, and appreciation for, Australian tax law.
Tax Return Services
Tax return season is our busiest time of the year at InTouch Accountants. At the end of financial year, businesses and employees alike are submitting tax return forms. We have a wealth of experience in ensuring that your tax rebate is completed accurately and you see the largest financial benefit available from your expenditures throughout the year.
All of our tax return prices are fixed and follow the latest tax laws associated with work, business and self managed super funds.
To talk to us about our tax planning services or your EOFY tax return, contact us on 03 9751 3597 or contact us using our contact form.