Tax planning
Tax planning is the management of the affairs of a taxpayer within the intent of law so that the liability to tax is minimized. It is not only limited to complex, high risk or sophisticated arrangements but equally important for ordinary transactions. The objective is that you only pay a tax that you have to and no more.
Take It Easy Accounting is the qualified and experienced company to provide effective tax planning services to its clients. Your tax planning is done keeping in view your personal circumstances and objectives. Before advising you of any arrangement, we explain you its implications and tax effect.
- Considering business structure before commencing business
- When a business is sold or purchased
- When there is a change in the ownership of the business
- When acquiring an asset for business use
- Change of personal circumstances like retirement, marriage breakdown
- Long-term contracts
- Restructuring companies, trusts, and partnerships
- The liquidation of the company and the winding up of trust
Tax planning is different from tax avoidance or tax evasion. Whilst tax planning is legal and every Taxpayer has a right to do the tax planning, tax avoidance or evasion is illegal. Australian tax system is complex and it needs to be carefully understood before applying any provision.
There is no single way to manage your actions in order to reduce the tax. Your personal circumstances determine the right way to deal with it. In one situation a particular strategy is great while in other situation it may be useless. So talk to us before taking any decision.
Common Strategies used to reduce your tax:
- Reduce your assessable income
- Increase deductions and offsets
- Reduce the rate of tax/defer payment of tax
- Divert Income
- Select tax planning “vehicle”
We will help you find the most appropriate strategy for applying to your case that will enable to reduce your taxes to a minimum level.
