Some Tax Planning Keystones #Accountant#Bookkeeper#Tax#Affordable#GST#Cheap#Free#Advise#GoldCoast

Updated: Jan 17, 2021

Some tax planning keystones are these:

Deducting: This is the idea of claiming tax deductions or credits that you might not have fully or even partially claimed in the past (e g unclaimed depreciation of some assets or interest in some hire purchase). By making a few changes if doing it, you could create the opportunity to claim some of these deductions or credits.

Investing: Investing in the business itself buying some assets or in some marketing strategy, for instance, it will allow you to save taxes, and also to grow at a higher rate in subsequent financial years.

Distributing: Saving tax if you can split income from one family member who will pay tax at a higher rate to another paying tax at a lower rate.

Deferring: It can be possible for you to take a tax bill that can otherwise be owing this year, and pay it off in subsequent years (e g purchasing inventory before year-end). While you are not eliminating the tax, paying it later is better than paying it today because of the time value of money

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