Planning is at the heart of a successful tax strategy. Only by thinking ahead can you identify and then maximise deductions and other savings that can lower your tax bill. A tax accountant can help you with the timing of such matters as bad debts and write offs that can lower your tax obligations for the year. He can also advise on other factors such as you super contributions and spouse contributions.
The tax department is highly exacting when it comes to the reporting, declaration and payment of taxes. The consequences of non-compliance could be a tax audit, a businessman’s worst nightmare. If your current financial recording system is not as clear and efficient as you’d like, consider revamping it. A knowledgeable Sydney accountant can help develop a system so that your business is audit-proof.
Optimising your tax situation means you pay the legal minimum taxes and also ensure your assets are well protected. Your accountant can also advise you on such matters as whether your current business structure is the most appropriate from a tax viewpoint, as well as on matters such as trusts.
When it comes to tax compliance, you need a tailored solution, as everyone’s situation is different. Moreover, the tax rules change every year so you need an expert who can stay on top of these changes and align each new policy or regulation to your tax optimisation strategy.
Knowing your tax affairs are in order, you’re paying the legal minimum, and there’ll be no unexpected tax bills is a great feeling. It’s easily achievable through the use of reputable tax services. Sydney accounting firms can offer the best advice on tax planning, compliance, and optimisation.
When you’re in need of an accounting service that puts the needs of its clients first, call KPG (Sydney) at our Sydney CBD offices on (02) 9264 7122.