There is no escaping paying taxes. But paying more than you need to can erode the gains your carefully devised financial plan is making. This is known as tax leakage.
Having a tax plan that minimises your tax burden and reduces tax leakage is not tax avoidance. However, if your finances are not structured efficiently you may well be paying more tax than you need.
Tax Planning involves looking at all elements of your financial arrangements to see where there are opportunities to improve your position. In some cases these will require complicated measures, but there are also many simple things you can do, from ensuring you claim all your entitlements, to personal superannuation contributions and paying for income insurance personally.
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Small Business Owners
Managing when and how you pay your tax can make an enormous difference to cash-flow for a small business. This can have a knock-on effect to debt management and impact the amount of interest you are paying on business loans and overdrafts. Bad debts, invoice timing and inventory write-offs can also impact on your overall tax position. An effective Tax Management Plan will ensure that the timing of your tax liabilities minimises its impact on your cash flow and maximises the usefulness of your business funding.
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Bad debts, invoice timing and inventory write-offs can also impact on your overall tax position.
Manly Financial Services is experienced in making sure tax planning is an integral part of an overall financial plan, allowing you to keep more of your taxable income in your own pocket and setting you up for increased financial success. If you would like help minimising your tax burden contact us.
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