What would you do with an extra $10,000?
On average, we save more than this for our small business clients every year in tax. The reason we are able to do this is because, we help them plan ahead before the 30th June. We have saved millions in tax for our clients through good planning. So, over the coming weeks, we will be listing a number of strategies to help you reduce your tax legally.
This year will be a little different to others though, as there are some significant changes that could occur for this financial year and they have not. This is due to the policy positions of both the major parties creating different tax outcomes. As a result, we will be going on what we know is; and providing commentary on what might be.
If you leave your tax planning until the end of June, quite frankly, there may not be enough time to do anything significant to legally reduce your tax.
So, for 2020, start planning ahead to save tax.
How to plan to save tax with PCR’s help?
Our process works as follows:
First of all, we request details of your expected income and business profits for the 2020 tax year (1 July 2019 to 30 June 2020). This includes all wages / employment income, interest and dividends and rental income received, business profits / losses, and any capital gains / losses you expect to make.
Based on this information, we estimate your taxable income and your tax payable BEFORE any tax planning strategies. For example, we may calculate (based on your information) that you may have a taxable income of $150,000 for 2020.
Secondly, we discuss all of your tax planning options. Some of these may be things to do in your business, and some of these may be investment / wealth creation options.
Thirdly, we provide you with a report that explains (in plain English) the tax planning strategies we recommend, and exactly how much tax you will save.
Finally, we provide you with an easy-to-follow Action Plan, to ensure that both you and us can do everything that needs to be actioned prior to 30th June.
So, over the next few weeks, keep an eye out for our tax planning strategies. They can help you save more for your family’s wealth creation.