What is Tax Planning?
Tax planning is the ongoing process of
- Proactively assessing public information relevant to your business
- Learning and understanding your obligations
- In response, recording your own information
- Creating an informed plan to best optimise your short term and long term goals.
Why do we plan for tax time?
No matter your stage of life, taxation planning helps to shape your financial position. Planning for tax time ensures there are no nasty surprises. Chances are, at some point in the past you’ve been hit with an unexpected bill, whether as a naïve university student completing your first lodgement, or as an unprepared small business learning the ropes.
Tax planning in Australia can be challenging, as tax legislation changes regularly, and must be reflected in your planning. It’s important to stay abreast of any ongoing changes that may affect expected tax payments. Recording your regular spending and other everyday activities helps to ensure we have the appropriate information ready when tax time inevitably rolls around. This ensures that your business remains tax compliant and it also helps us to optimise your financial position.
In short, tax planning ensures we minimise expenses and maximise profits.
How can Growth IQ assist?
At Growth IQ, we make it our business (quite literally) to stay on top of any changes to legislation that affect our clients and associated industries. We aren’t just accountants – consider us your financial tax advisors.
There’s a lot to consider – from taxation based on your business structure, to payroll tax and superannuation, GST reporting, Fringe Benefits Tax, and your personal plans for the future. It’s a lot – but we’ve got your back.
Growth IQ’s Approach
We take a smart and proactive approach to taxation planning. With live tracking of your financial data (thanks to Xero software), we have invaluable insights on hand, which guide us when creating personal income tax plans. More broadly though, we keep on top of changes to legislation and can help your business pivot when necessary, guiding you towards the best long-term financial outcomes.
Delegate the process of your quarterly and annual tax reporting to Growth IQ, optimising your businesses’ financial position and freeing up your time for what really matters to you.