The Importance of Tax Planning for Business Growth

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Around this time of every year, business owners begin to look at strategies to improve their growth for the year ahead. One of the most effective steps is tax planning. Why? Minimise your tax obligations and maximise your claims, and you’ll find that your business benefits from improved cash flow and stronger growth.

What exactly is tax planning?

Tax planning is simply optimising both the timing and strategy of your business tax matters, to ensure that you pay as little tax possible. Those strategies should be geared to optimise and improve business growth. Part of business tax planning may also include finding the best way to put money away for savings and retirement.

Improved cash flow, greater flexibility

By working with the right business tax accountant in Queensland or your local area, you’ll be paying the absolute minimum tax possible to the ATO, and keep more money flowing in your business. That could give you potentially thousands more dollars per year, allowing you to expand your team and operations, as and when it suits, without worrying about where the next PAYG payments will come from.

Knowing exactly where you stand

The ATO provides an extended lodgement date for business tax returns and many businesses take advantage of this, but it could be holding you back. With tax planning in place your accountant should be able to tell you when to lodge to take earlier advantage of tax claims and help you understand your financial position sooner.

Taking advantage of all deductions and exemptions

If you’re not paying attention to your business tax affairs, you may well be missing out on available allowances, deductions and exemptions. Your business tax accountant should be up to date with all the latest changes, and tell you when and how to best take advantage of these concessions.

Staying compliant and current

Many business owners err on the side of caution when it comes to tax. The last thing they want is to be in hot water for tax evasion or avoidance. A specialist business tax accountant can identify opportunities within the boundaries of tax compliance and give your business the tax advantages it needs to succeed.

For tax advice in Queensland and across the country, contact Chan & Naylor today.

Click here to schedule a chat or call any of our local offices near you.

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Chan & Naylor Group has nationwide offices in Brisbane and Capalaba in Queensland, Melbourne and Moonee Ponds in Victoria, East Perth in Western Australia, and South West Sydney, Parramatta, Pymble, North Sydney, and Sydney in New South Wales.


Related:  Tax Time – Time to Review your Finances


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