Are you aware that there are strategies that legally minimise tax liabilities and in doing so allow you to keep more of your hard-earned revenue?
Let’s be clear. For business owners, tax planning and strategic tax advice, including effective business structures, allows you to draw more income and legally pay less tax, grow your retirement nest egg and protect your assets.
If you are starting a new business, your business has grown or you are thinking about life beyond business, find out why tax planning, strategic tax advice and the right structure will help you to make the most of your business, and your personal wealth.
In the absence of appropriate tax effective structures, it’s probable that you will be handing over more tax than you are legally required to pay and that directly affects your business profitability, and as the business owners – your lifestyle. Strategic tax advice and tax planning (in addition to completing your tax returns) underpins your business from initial set up through operational efficiencies, growth and the eventual sale of your business to fund your next venture or retirement.
We can help you to achieve your business goals, and by association your personal financial goals, through considered strategic tax advice and accounting expertise as follows:
Business Structure Advice
While establishing an appropriate tax effective business structure is sound advice for new businesses, it’s not a set and forget approach. As your needs as the owner change, often becoming more complex, your business structures may need reviewing and amending.
The simple fact is that many business owners are missing out on tax efficiencies or are exposed to personal risk because their business structures are not appropriate for their needs.
We help business owners capitalise on the available tax advantages and as an added benefit, create greater financial flexibility. For example, a family trust structure can allow income distribution and opportunity for splitting income between family members which results in legally reducing the family’s overall tax liability.
Other important benefits of correct structures include protecting your personal assets by reducing your exposure to creditors or debt liabilities caused by a business partner. Appropriate structures can also make borrowing easier and significantly minimise your CGT obligations when you sell your business.
An unexpected tax bill can seriously affect your cash flow, profitability, plans for growth or retirement. Australia’s tax system is extremely complex and unless you are a tax professional with your finger on the pulse, it can be difficult to understand your tax obligations.
Our tax planning service is consultative with a “no surprises approach” that strives to help business owners understand their tax obligations and forecast their probable tax liability. Armed with that information, business owners can consider proactive strategies for significantly reducing or deferring the liability to assist with the cashflow and other considerations such as superannuation.
Our “no surprises’ approach means we can help you be better informed and prepared by implementing tax effective structures which can include Self Managed Super Funds; estimating your tax liability; claiming all available deductions (particularly for sectors including Building & Construction which have additional benefits and requirements) and managing all your tax compliance requirements including quarterly BAS, GST, Payroll tax etc. and business owners’ personal income tax returns.
Building Personal Prosperity
As a business owner, there will always be added financial complexity as your personal financial affairs merge with your business. Indeed, a core purpose of being in business is for you, as the owner, to earn a living and enjoy personal prosperity.
Building your personal wealth is directly related to the financial performance of your business. As your accountants we help you to understand your cash flow and tax liabilities which will enable you to extract wealth from your business using appropriate asset protection and tax effective structures including SMSF and superannuation contributions, salary or trust distributions for yourself and other family members. We can also assist with budgeting and calculating the cost of finance and structuring loans for affordability and tax efficiencies.
Taking a “source and application” approach we help you to understand your business performance and how that will determine what you can extract from the business to fund your lifestyle needs and grow your wealth.
Strategies may include minimising your tax and paying down loans or your mortgage, contributing to super, or considering the flexibility of a Self Managed Super Fund, if appropriate for your circumstances. We can also help you plan the sale or succession of your business.
For more information about how strategic tax advice and tax planning underpins your business success and in turn, personal prosperity, please contact the team on 07 5479 5499 or email firstname.lastname@example.org to discuss your needs.
At VBA we specialise in strategic tax advice, offering tax and financial reporting for individual income earners, family businesses, tradies and construction companies.
Victor Bimrose Accountancy Pty Ltd (ASIC No. 1259423) ABN 53 010 957 294 is a Corporate Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361.
Mark Foxley-Conolly (ASIC No. 1259421) is a Limited Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361
General Advice Warning: This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.