Be smart about tax and keep more of what you earn
There is no denying it has been another disruptive financial year, with small business again at the forefront of the interruptions. Fortunately, there are tax planning strategies you can implement to potentially minimise your tax liability.
When it comes to being Financially Well Organised in a tax planning context, the primary goal is to pay the least amount of tax while remaining compliant with the law. You may be thinking, 'Tax rates are fixed. Other than making sure I claim all of my deductions, there must be little I can do to pay less tax.'
In reality, the complexity of Australia's taxation system works in your favour
when it comes to reducing the amount you pay back to the government.
Being Financially Well Organised with your tax plan means structuring your assets and income effectively in the right entities to take advantage of lower rates of tax. In other words, by limiting exposure to higher tax rates, you are able to keep more of your after-tax income.
Can your income be taxed at lower marginal rates? Are your assets structured to take advantage of corporate and superannuation tax rates? In the video below, Matt Schlyder shares some essential tax planning tips to help lower your tax burden.
Identify and implement your available tax planning strategies.
The Tax Planning resource guide below examines a variety of tactics for lowering your effective tax rate and
explores different examples of how efficiently structuring your income and asset ownership can
significantly reduce the amount of tax you pay.
Download the guide here
Contact us to schedule a tax planning appointment and to discuss the best strategy to reduce the amount of tax you pay.
Please contact Matt Schlyder at matt@fwoca.com.au or on 07 3833 3999.
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The key elements to becoming Financially Well Organised
When you have a clear strategy for each of the elements, you will be Financially Well Organised and you too can have peace of mind your financial affairs are in order.
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