Tax Planning Saves Businesses

Tax Planning Will Ensure You Pay The Piper!

Every accountant should be providing their clients with end of year tax planning, but unfortunately, they don’t.

This is usually because the average accountant is not proactive. They often leave their clients to pay more tax than they should be paying.

In most cases, paying tax means that you are making profit, which is a good thing. However, the key point is that you should not be paying any more tax than you need to.

Tax Planning Strategies

Here are 7 tax planning strategies that ultimately help you only pay what you need to and not a dollar more.

  1.   Contributing to Superannuation.
  2.   Distributing your profit through a family trust structure.
  3.   Reviewing your accounts receivable and writing-off bad debts.
  4.   Distributing profit to a bucket company.
  5.   Review Asset Depreciation Schedules and write-off scrapped assets.
  6.   Invoice Timing Review – If possible, delay issuing invoices in late June.
  7.    Consider best timing when purchasing assets.

When you become a client of Conqa Business, tax planning season happens between April and June each year. And this service is included in our “Small Business Accounting” Solutions. We help our business owners save an average of $20,000 in tax.

Saving tax and keeping more cash in your business bank account requires a strategy and planning. It doesn’t just happen!

No Two Businesses Are The Same

All business owners and managers are different. Every business is different. The dynamics at work in a business are different. The marketplaces they battle in are different.

It your uniqueness, your business, your challenges and your marketplace that makes my job so enjoyable. That as well as the fact that I like working with people.

A Unique Package

As a result, the package we design will be unique to you. It’s unlikely that any client will ever have the exact service combination as another. That’s certainly been my experience to date.

There are six main service groupings I provide:

  • Personalised Account Monitoring: You’ll receive my always up-to-date knowledge, accumulated experience, discerning focus and personal attention. We’ll speak regularly, with more thorough reviews occurring monthly, bi-monthly or quarterly – as determined by you.
  • Your Specific Goals Pursued: I care about achieving the outcomes that will enrich your life. Effective tax planning and lucrative tax minimisation are just the beginning.
  • ATO and ASIC Compliance: In addition to personal counsel on tax related matters, preparation and lodgement of BAS and tax returns is included, as well as other functions such as minutes, end of year closures, trusts, distributions and more.
  • Technical Support: The setup of your Xero accounts is performed and ongoing situational support is then provided, as required, for software functionality.
  • Ongoing Advice: Whether you need to focus on cash flow, debtors, profit allocation, property, finance related contract issues, business systems or something else, I’m keen to help wherever I can.
  • The Wildcard: There’s always events that take us by surprise. Be it a business principal falling sick or an international sneeze that causes a local market flu. When that happens, having me informed and on-call can be invaluable.

Personal Can Get Really Personal

The wildcard scenario calls attention to this service’s most important and appreciated feature feature: really personal service!

I become your on-call accounting emergency service. When you need help, don’t hesitate. Reach out. You won’t get charged in six minute increments. In fact, you won’t get charged at all.

Those situations are included in your monthly fee. That’s what small business accounting needs to look like, because the wildcard is a small-business reality!

I’m just a phone call away. There’s no gatekeeper secretary, no revolving door of ever changing advisors and no booking of appointments. Just phone and if I can’t answer immediately, I’ll be with you as soon as I’m physically able.

That’s peace of mind!