No one wants a surprise when it comes to their tax obligations! With the March BAS soon to be prepared it is an appropriate time to talk to your accountant about year-to-date results and look at long term opportunities.
- Reduce tax liability: One of the primary reasons for tax planning is to manage your tax liability. By reviewing your financial situation, your accountant can identify ways to reduce your tax burden. This may involve taking advantage of tax deductions, credits, and other incentives.
- Avoid penalties and interest: By engaging in tax planning, your accountant can help you plan your obligations, which will help to avoid penalties and ensure that you remain compliant.
- Improve cash flow: Tax planning also helps you manage your cash flow by identifying the most tax-efficient way to structure your income and expenses. This can help you maintain sufficient cash reserves to meet your financial obligations.
- Plan for the future: Tax planning can also help you plan for the future by identifying tax-efficient ways to save for retirement, fund education expenses, or transfer wealth to future generations. By working with your accountant to develop a long-term tax strategy, you can ensure that you’re prepared for whatever the future may bring.
Tax planning is an important part of financial management that can help you manage your tax liability, avoid penalties and achieve your financial goals. If you would like to organise a tax planning session, please contact Roberts + Morrow to arrange a time to meet with your accountant.