Your Tax Planning Specialists
If one of your goals this year is to gain better control of your finances, then tax planning should be somewhere in your master plan.
Tax planning is the strategic planning of affairs to minimise tax liability and maximise tax savings within the law’s intent. Simply put; it is the process of analysing one’s financial situation, implementing structured changes to ensure the lowest tax outcome.
Tax planning generally focuses on three objectives:
- reducing income
- increasing deductions
- taking advantage of lower tax rates available
These objectives are achievable through three core tax planning strategies:
- shifting income to a lower tax-paying entity
- adjusting profit/loss between years
- more tax-efficient investing
Tax is complicated, and compliance is essential. Hence, to identify and leverage any possible tax concessions and savings, advanced knowledge of the tax laws and regulations is necessary. Grow Advisory Group have the needed expertise to minimise your tax and help achieve your key objectives.
How Tax Planning Can Help
Whether you’re a business owner, investor, or individual, tax planning can be incredibly beneficial to your bottom line. It is the best tool for optimising your tax position; setting you up for lower taxes and higher tax returns.
Additionally, tax planning can also offer insightful projections that allow you to avoid any unpleasant and often expensive surprises, budget for the next year of tax payments, and make better-informed decisions that could reduce your tax liability. All this can significantly aid in managing cash flow in the high and lows of your business.
Some of the most common strategies we turn to include:
- Making deductible superannuation contributions
- Deferring income where possible
- Reviewing and writing off any bad debts
- Exploring negative gearing opportunities
- Effective use of both income tax losses and capital losses
- Checking the timing of your invoices
- Expense prepayments e.g. leasing rent
- Review your inventory at year-end
- Leveraging small business concessions
- Assessment of tax benefits on fixed asset acquisitions
Our Process
Grow Advisory Group understands that everyone’s circumstances are different; therefore, each tax planning strategy is unique. We go through a four-step process to devise a tailored plan to help you achieve the lowest tax outcome. Our process is as follows:
Step 1: Review and Analysis
Step 2: Choose tax planning strategies
Step 3: Reporting
Step 4: Implementation
Tax Planning for Businesses
Is your business as tax-efficient as possible? Grow Advisory Group will set your business up to receive the maximum tax return, while still fully complying with your tax obligations. Our tax accountants can devise tailored solutions to meet businesses and companies’ needs, regardless of the structure.
Our Gold Coast tax planning services can help with:
- Annual tax estimate preparation
- Structuring businesses to achieve maximum tax-efficiency
- Tax estimate scenarios
- Cash flow forecasts and modelling
- Tax-effective exit strategies
- Depreciation and capital works expenditure
- CGT estimations
- Deployment of small business CGT concessions
Regardless of what stage your business is at, our experienced Gold Coast tax planners can help. Our focus is to generate, develop, and protect your wealth, setting you up for a secure and prosperous future
Tax Planning for Individuals
Are you paying too much tax? Take control of your finances and set yourself up for success with Grow Advisory Group’s tax planning services. We formulate our tax estimates based on your individual needs and requirements to help minimise your payable tax. We can help you decide where to direct your funds before the end of the financial year and make informed decisions about your assets.
Our Gold Coast tax planning services include:
- Annual tax estimate preparation
- Specialist taxation advice
- Tax Planning optimisation
- Tax estimate scenarios
- CGT estimations
- Taxation audit assistance
- Fringe Benefits Tax
- Negative Gearing strategies
- Investment property estimations
- Superannuation contribution scenarios
Our expert Gold Coast tax planners will guide you in the right direction to minimise your tax and get you the best tax result possible.
