Tax planning is the analysis of a financial situation from a tax perspective. The purpose of tax planning in Australia is to ensure tax efficiency, with the elements of the financial plan working together in the most tax-efficient manner possible. Tax planning is an important part of a financial plan, as reducing tax liability and maximizing eligibility to contribute to retirement plans are both crucial for success.
Almost every business decision carries tax implications as well. We have saved our clients from paying additional tax by structuring their affairs in a tax effective environment.
It is always a good idea to speak to one of our tax specialists before you make financial decisions from the purchase of a motor vehicle, to restructuring a bank loan or the sale of an investment property.
We will work with you to plan how you can reduce your tax costs legitimately and help you to take the actions that will keep as much of your hard-earned money in your pocket as is possible.
When should I do tax planning?
Taxes are usually lodged during tax seasons. So, the best time to do your tax planning is before the end of the season so you’ll have enough time to plan out your tax planning strategies and maximise your assets for a tax return.
There are a lot of factors of tax planning you need to take into account such as:
Outrun Accountants is all about people. We believe that our approach to our clients' accounting needs should be as one-of-a-kind as they are. Building personal relationships based on clear communication and understanding is thus our top priority. We provide straightforward advice and guidance with complementary work patterns by understanding how our clients conduct their business.
Outrun offers a comprehensive accounting service. Our team's knowledge and experience are extensive and all-encompassing, enabling us to provide the services that our clients require at every stage of their company's development.