Taxation need not rob your business of profit

As the old saying goes, there are two things certain in life, taxes being one of them. Why then does taxation remains such a mystery for most business owners?

There is no doubt that business owners are confronted with a wide range of tax issues. You have to concern yourself with both income and deductions. Then you need to understand the implications of GST, CGT, FBT, PAYG and Super for employers.

No wonder it can be unclear and confusing at times.

You want to avoid the nasty shock of an excessive tax bill. Sure, it’s necessary to pay the tax that’s due, but no more than that. Careful tax planning is a must.

Far too many business owners have paid excessive amounts of tax because their business was poorly structured from the beginning. When those ticking time-bombs go off, it’s usually a big-ticket item. And sometimes at a time when you should be sitting back and enjoying the fruits of your labour.

So, what do you do?

Seek professional taxation advice from an Accounting firm who specialises in dealing with complex business taxation issues on a daily basis.

Have the confidence to better understand your taxation position.

This is especially important if your business is in a growth phrase, innovating or trading overseas. Decisions made now may have substantial long-term implications for both your business and personal finances.

The quality of the advice you receive can often have more influence on your profit than thousands of hours of hard work.

The last thing you want for all your toil is a big tax debt, interest that’s accruing at an alarming rate and penalties that rob you of profit. Being pursued by the ATO or a debt collector is stressful and time consuming. Trying to restructure after the event doesn’t work.

Don’t delay, act now to ensure your business means it’s obligations but is smart enough to structure its activity to minimise or defer tax.

Make an appointment with one of our Taxation team. Together you will work through both a structure and strategy to ensure the best possible taxation outcome.