Planning for tax and foreseeing what taxes will impact you in the future is generally the last thing on people's minds. 30 June comes and goes and you realise once again you have been hit with a significant tax bill that could have been planned better.
Azure Group implemented a 4-tier tax methodology to avoid this specific problem. Our ability to proactively manage all aspects of our clients tax, means that we start tax planning between the months of April - May.
Most view tax as a necessary evil and one of the biggest liabilities to hit annually. We say with the right planning, structuring and tax management you can manage your liabilities and limit the impact on cashflow in both the short and and long term.
In planning for tax it is valuable to consider the following:
- What your likely tax position will be
- What can be done to improve that position
- What can be done to manage the projected tax cash outflow
The consequences for not planning adequately include paying more tax than is needed and paying it sooner than is needed, thereby depriving your business of cash it could use.
If you haven't started planning or your seeking a fresh outlook speak to our experienced Tax Advisory team who will be happy to review your business / personal matters.
In any case it is vital to give yourself enough time to make useful changes and we highly recommend you give yourself a head start and start collating your information and planning from April.
You can also download our Tax Planning Smart List to help you get on track before 30 June looms.
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