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Why Tax Planning is important to Small Business owners

Tax planning: a term often heard this time of year, and its significance cannot be emphasised enough.

It involves exploring opportunities before the 30th of June to legally reduce your current financial year's tax obligations.

As a small business owner taking the time to plan ahead for your taxes and take some proactive steps can have a significant impact on your financial success to minimise your tax and maximise your results for 2023 and ultimately have more money in your pocket.

At HelloLedger we understand the unique tax considerations that small businesses face in Australia. Our experienced team of accountants can provide tailored advice and guidance to ensure that you are taking advantage of all available tax benefits.

Some common strategies include contributing additional funds to your superannuation, pre-paying expenses, or investing in assets. One of the best strategies this year is to take advantage of the temporary full expensing rules which end 30 June 2023 - you must act now to allow sufficient time for delivery, use, or installation of the relevant assets by 30 June 2023.

Each action carries its own set of advantages and considerations and we can help you explore the possibilities within the bounds of the law.

By taking timely action and engaging in tax planning discussions, you can make informed decisions that align with your business goals, while optimising your tax position. Let us help you navigate this process and unlock opportunities that will yield financial benefits.

Once your year to date figures are up to date, with forecasting of your income and expenses up until June, HelloLedger can provide tax forecasting and tax reduction advice taking into account your upcoming goals.

The outcome of your tax plan will provide you with key information for your business including:

  • An estimate of the amount of income tax payable for the current financial year.

  • An estimate of the amounts and timing of tax instalments so you can plan accordingly.

  • Strategies to implement to minimise tax payable while growing your overall net wealth.

  • Upcoming business goals and profitability to track your success.

  • Discuss and review your superannuation, and its role in your tax strategy.

  • An annual check that your business and investment structures suit your plans.

Contact us today to schedule a tax planning consultation and pave the way for a successful 2023.


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