Tax Planning

What is tax planning?

At AS Partners tax planning means being proactive in minimising tax paid by our clients.

So how do we do this?

Correct Tax Structures

The first and most important part of tax planning is to ensure that the business is trading in the correct corporate structure to legally minimise tax.  We not only assist clients that are starting a new business with their structuring, we are also proactive in reviewing corporate structures of all clients annually.

All clients of AS Partners get a full review of the corporate structure to ensure it is currently the correct structure for tax and asset protection.

Planning

Planning is the most important part of minimising your tax bills.  Once the financial year is over and it is the 1st of July there is very little that can be done.  AS Partners is proactive in ensuring a tax plan is in place before the end of the financial year for all clients.

How do we do this?

Between the months of April and June all our business clients are contacted.

  • Profitability of the business in the current year is reviewed and calculated
  • Thorough discussions are had with the business decision makers regarding business performance
  • Tax Strategies are then considered prior to the end of the financial year to minimise tax

Some of these strategies include but not limited to are:

  • Make payments of staff superannuation entitlements before the end of the financial year.
  • Review asset register / depreciation schedule for any obsolete assets or assets that should be written down.
  • Review Accounts Receivable and write off any bad debts.
  • Review inventory and stock take and ensuring that any stock that has net realisable value below cost is adjusted
  • Purchase all consumables prior to the end of the financial year such printing, Stationery, business cards, computer expenses etc
  • Business owners consider making additional Superannuation contributions up to superannuation caps. Consider spouse superannuation contributions
  • Consider entities that are small business for tax purposes and take up the benefits of small business entity rules:
    • Accelerated depreciation
    • Prepayments of insurance, interest and rent
    • And many others

As a client of AS Partners you can rest assured that we scrutinise tax assessments issued to ensure that payments to the Australian Taxation Office are kept to tolerable minimum levels.

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