Tax Planning Strategies to Help Reduce Your Tax Debt
As we move towards the end of the 2021 financial year it is a good idea to start considering what tax planning strategies to put in place now to maximise benefits for the short, medium and longer-term.
Tax planning is about dedicating time and expertise to planning the best tax strategy for you. There’s no one-size-fits-all approach to tax planning. The goal is to reduce your taxable income so you pay less tax. And by doing so, you’ll maximise the money you keep hold of to spend on whatever you choose.
The best tax planning strategy starts with seeking help from a professional. In our tax planning sessions, we put strategies in place prior to the end of the financial year, to help you be as tax-efficient as possible whilst remaining compliant with the latest legislation.
WHAT CAN YOU EXPECT FROM A TAX PLANNING SESSION WITH US?
We estimate your taxable income and total amount of tax debt owed, including all income, interest, dividends, rental income, business profits/losses, and any capital gain or losses you expect to make
We discuss all of your tax options which may include reviewing your business expenses to ensure you are claiming everything possible, reviewing your trading structure to ensure it is appropriate and tax effective, bringing forward business purchases if necessary and maximising your deductible super contributions, just to name a few!
We then provide you with a detailed Tax Plan that explains the strategies we recommend and exactly how much each strategy will save you in tax
We provide you with an Action Plan to ensure that everything that needs to be actioned is completed before 30 June
BOOK IN A TAX PLANNING STRATEGY MEETING
At Iron Advisory, we are conducting tax planning sessions until the 2021 end of the financial year. The earlier you book in the better, as you’ll have more time to take advantage of strategies and organise your cash flow around any tax debt.
To discuss tax planning sessions further, you can book a free consultation with us.