Every transaction presents a tax planning opportunity.
XETA implements tax planning into every facet of our work. By the time the end of the financial year has arrived, it’s actually too late to make significant changes to your net tax outcome. XETA understands your business and financials and creates effective strategies with you that can minimise your overall tax payable while growing your net worth. These strategies need to be maintained, reassessed, and monitored throughout your business journey as circumstances, tax legislation and compliance responsibilities change every year.
Why tax planning?
Tax planning allows you to:
- Estimate the amount of income tax payable for the current financial year.
- Estimate the amounts and timing of tax instalments and plan accordingly.
- Implement strategies to minimise tax payable while growing your net wealth.
- Consider your business goals and profitability to track your success.
- Discuss and review your superannuation, and its role in your tax strategy.
- Ensure your business and investment structures fit your plans.
On top of minimising your tax position, tax planning also gives you an opportunity to budget for the next 12 months of tax payments. In some cases, this can be substantial.
Tax planning enables you to look forward and budget accordingly for your tax liabilities for the coming 12 months, as well as being able to make decisions that could alter or reduce your tax liability. Since tax planning typically happens in March, you have 12 months to budget for the actual tax bill that will be due as a consequence of your end of year tax result.
What is Tax Planning?
Tax planning is arguably the most important thing that a business owner should be working with their accountant on. Tax planning assists you through effective strategies that could reduce your overall tax payable while growing your net worth.
Why is tax planning so Important?
Thorough tax planning can minimise your tax position, as well as allow you to budget for the next 12 months of tax payments. For some businesses, this can be substantial and having the foresight is an incredibly powerful tool.
Testimonials
Trusted by over 900 individuals and their businesses across Australia.
"We have grown exponentially quarter-on-quarter since signing up with the XETA team, from being sole traders to becoming company directors. XETA supported us through COVID and we have emerged even stronger than before."
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