Tax Planning

Why do we use Tax Planning?

... to minimise tax payable by taking legal proactive steps and applying strategies to constructively change your circumstances now and into the future. It makes sense that if you know what is coming then you have the ability to plan for the outcome via choices and options that can potentially yield significant benefits.

Tax Planning is one of the most overlooked yet valuable services your accountant can provide. The process is very involved and specific to each business or individual. MBA Business Solutions will thoroughly investigate the potential to work within a number of key areas to:

  • Increase deductions
  • Decrease income
  • Assess rebates and income diversion possibilities
  • Evaluate the relevance and benefits of tax planning vehicles by, establishing or changing a business structure (partnership, company, trust or super fund)
  • Identify losses that can be offset against income or capital gains
  • Determine any concessions that may be available

Within each area there are specific actions and measures that can substantially improve tax outcomes if applied and timed correctly. Some general examples include:

  • Review of methods for claiming motor vehicle deductions
  • Negative gearing
  • Salary sacrificing into super
  • Timing of retirement or redundancy
  • Use of carried forward losses
  • Review of obsolete or ‘no real value’ assets
  • Revaluation of stock
  • Usage of small business capital gains concessions

Every circumstance is unique so it is vital that any solutions be tailored to meet your particular needs. Contact the office today and speak with the team about your Tax Planning needs.