Nobody likes paying more tax than they have to or receiving an unexpected tax bill!
Tax planning is about taking control of your tax affairs.
Tax planning is more than just ensuring your tax returns are lodged on time.
Tax planning takes into consideration your current year tax situation and any major events for example, selling investments, property or your business.
Tax planning – Why do it?
To identify future opportunities to minimise tax.
To know what your future tax liabilities are before they become due to avoid a cash flow crunch from an unexpected tax bill.
At Unity Advisors we believe being forewarned is forearmed.
One of the biggest frustrations we hear from new clients is that their previous accountant would contact them just days before the end of financial year to discuss tax planning. By then it is often too late to take advantage of any available tax saving strategies – or even worse, to discover a large tax payment is required, that was totally unexpected and unplanned for. likes paying more tax than they have to or receiving an unexpected tax bill!
Aside from the inevitable shock of receiving such a bill, it can place the business under severe cash flow pressure and leave the owner scrambling to find the cash to pay the tax man, causing unnecessary stress.
At Unity Advisors, it’s our policy to include tax planning in our budgeting process, and work through a comprehensive year-end tax-planning checklist after the Federal Budget is delivered in May of each year.
As a Unity client, you will always be aware of your expected tax position, well before the end of the year and informed of all tax planning opportunities available to you. This enables you to be well-prepared for your tax obligations and benefits, when it comes time to lodge, putting you firmly in control and avoiding the stress of cash flow panic.
Tax Planning : How we do it...
Step 1 : Structure
We ensure you hold their business and personal assets in structures that provide the best asset protection and tax minimisation opportunities.
Step 2 : Identify
We identify any major transactions you are contemplating in the current year or in the future (i.e. the future sale of your business).
Step 3 : Alternatives
We contemplate all the alternative methods for executing transactions (i.e. should you sell the shares in your company business or sell your individual business assets and distribute the profits?)
Step 4 : Concessions
We consider all tax concessions that are available to you.
Step 5 : Execute
We execute any actions required to ensure satisfaction of conditions to apply the selected tax concessions to the future transaction.
Step 6 : Regular Review
Tax planning should be a continual process for all business owners. While most people think of tax planning as an annual event that just takes place a few weeks before the end of the financial year, we prefer to review your tax position at regular quarterly intervals so we can continually revise the estimated annual tax liability throughout the year. That way we can identify any significant tax liability variations early so you don’t have to hit the panic button at the year-end - or even worse, get hit with an unexpected large tax bill.
Tax is a very significant cost to manage and we prefer our clients to be on the front foot at all times.
Tax Planning for Business
Modern accounting is so much more than an exercise in compliance, ensuring year-end accounts are prepared and filed on time.
As tax specialists we are expertly equipped to provide you with outstanding tax-specific services to ensure you are always compliant, but never pay a cent more than you have to.
Business is becoming ever-more complex and having a team of commercial, business-focused, and pro-active accounting and tax professionals on your side, will add real value and help you drive your business toward success.
At Unity Advisors, we are truly invested in your business and provide continual expert advice, forward planning and support, with the agility you need to maximise business opportunities and minimise tax. Getting your structuring right from the start will set you up for success and avoid unnecessary complexities and costly mistakes down the track.
Tax Planning for Individuals
Tax Planning and Accounting for Individuals
Tax strategy is not just for businesses – in fact, effective tax planning is critical in minimising your personal tax liabilities and taking advantage of all available tax reliefs.
It’s a fact of modern life that taxes touch every aspect of your personal finances, including your income, investments, super, and home loan.
Whether you’re planning for retirement, an inheritance, asset transfers, or property purchase or sale, to note a few examples, using a tax specialist is the most effective way to reduce your liability and keep more of your hard-earned cash for you and your family.
Individual tax services included:
Personal tax returns
Let us help you get on the front foot and take control of your tax management.
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