Tax Planning

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Tax planning is a proactive approach to managing taxes. It not only helps in reducing tax burdens but also supports overall financial health and long-term goals. 

According to ATO,  You have the right to arrange your financial affairs to keep your tax to a minimum. This is often referred to as tax planning or tax-effective investing. Tax planning is legitimate when you do it within the intent of the law. However, tax schemes that are outside the spirit of the law may attract ATO's attention.

Read more at https://www.ato.gov.au/about-ato/tax-avoidance/understanding-tax-schemes/tax-schemes

Here are several key reasons why tax planning is important:

1. Minimizing Tax Liability
2. Compliance with Tax Laws
3. Financial Efficiency
4. Retirement Planning
5. Wealth Preservations 
6. Business Strategy
7. Risk Management
8. Legislative Changes

Seeking professional advice is crucial to ensure that you are implementing strategies that will benefit you in the long run. An expert will be able to present all the tax offsets available to you while highlighting which options you can claim based on both your individual and business circumstances.

Read more: https://1stopbusiness.com.au/tax-planning

• Related Financial Statements, 
• Recent Tax Returns, 
• Current Tax Structure
• Your Objective in asking for tax planning advice.

Contact us today to learn more about tax planning and minimising your tax obligation