You may be starting up, buying or selling a business or major asset, retiring, restructuring, expanding overseas or perhaps admitting new ownership or funding. At all those big moments, professional taxation advice is crucial to optimise and safeguard your position at that moment and also into the future.
Tax planning helps to forecast expected tax-related cash flows in the year to come so that there are no surprises.
It's all about planning ahead, to get ahead.
The key cash flows in tax planning are:
- A refund or payment of the final tax; and
- PAYG instalments for business or investment income.
Knowing how much and when these payments are due can help ease cash flow burdens and prevent any nasty surprises.
Another benefit of tax planning is the ability for your adviser to identify actions you can take pre-30 June to reduce your tax bill or improve your cash flow.
- Pay superannuation liabilities to obtain a deduction a year sooner
- Bring forward other expenses to obtain the deduction this year
- Make additional superannuation contributions to increase your super balance while reducing your personal tax
- Varying down instalments so you don’t overpay tax and have to wait until your return is lodged to receive the cash back. This additional cash today may be put to better use paying other bills or used to reduce your debt(s)
The sooner you have your annual tax planning meeting the sooner you can attend to any of the above or other recommendations from your advisor to take action now to improve your business or personal position.
Every business owner will inevitably leave a business for one reason or another. In order for this exit to be a success it needs a considerable amount of planning. Whether it's merging with another business or passing on the family legacy to other family members, the best business succession plans are aligned with your goals and are prepared.
Employee Share plans can be a great way to attract, retain and motivate employees.
By making employees shareholders of the business, both employees and shareholders have aligned goals making this remuneration strategy very effective.
Many staff today are looking for additional benefits, things like flexible hours, salary packaging etc that give them lifestyle benefits.
Our tax team can provide advice on remuneration structures that are practical and beneficial to your business and staff.
For many businesses, indirect taxes like GST, stamp duty, land tax and payroll tax can be an area where the business has little knowledge and can also be a significant administration burden.
Small mistakes on these taxes can have significant consequences. It is vital that the businesses structure and operations are set up correctly to optimise and manage these obligations.
In addition to compliance obligations, indirect taxes can also create bigger concerns in connection with larger transactions such as mergers and acquisitions and business restructures.
International tax is a complex area for businesses when your business is expanding internationally. We can work with you whether you’re an Australian business expanding overseas or if you're an international company setting up business here for the first time.
Often business owners are so busy working in the business that they do not seek the advice of a tax professional on a significant transaction and as a result the overall tax cost can be significantly more than it should have been. Perhaps the transaction could have been structured differently which could have minimised the tax cost and at the same time will achieve a practical outcome.
By simply getting tax advice from the start you give yourself the best opportunity to achieve a practical solution with an optimal tax outcome.
Australia’s tax rules are constantly changing. If you are not a tax expert then seeking tax advice may provide you with knowledge to make decisions that meet your needs and give you confidence in your business management.
The various taxes are key areas to consider in any transaction but understanding the most effective way to manage them can be a complex task. So before you engage in a transaction, we recommend that you seek tax advice. Our tax team can help you identify and understand the relevant tax issues and recommend appropriate options to achieve your goals.
One of the first and most important things that needs to be determined when starting a business or becoming an investor is which structure is most appropriate for you. It’s important to consider as it impacts most future decision about commercial, legal, and of course the taxation issues.
Businesses in Australia are usually structured in one of four ways: as sole traders, partnerships, trading trusts or companies. Investors utilise trust structures as well as the all important superannuation fund, which is really just a special form of trust. Each structure has advantages and disadvantages. Before choosing a legal structure, thought must be given to the future, as it is not always easy to implement a new structure once a business is up and running.
The reality is that often a combination of the above structures provides the best structuring opportunities and depends on each particular set of circumstances.
Our advisers help you by advising on your appropriate structure or re-structure of your affairs so that your tax position is optimised and compliant.