TAX PLANNING & ADVICE
Organising your financial affairs to give yourself the greatest tax advantage is called tax planning. Tax planning is legitimate when you do it within the letter and the spirit of tax law. 1st of July is too late to start thinking about your last year’s tax. That is why Tax Agents in Laverton, MaxMargin Accountants, provide tax planning services to high income earners and small businesses to get your tax strategy in place as early as possible. At MaxMargin Accountants we make sure that you understand the tax implications of your investments and get your tax return right because you are personally responsible for declaring all your assessable income in your tax return, and claiming only your allowable deductions.
At MaxMargin Accountants, we understand that the key to effective tax planning is by understanding your commercial objectives and providing a tax strategy that allows your business to develop and grow while minimising tax costs. We at MaxMargin Accountants, aim to invest our time to achieve this as it enables us to provide proactive commercial tax advice allowing you to make your business decisions with confidence.
MaxMargin Accountants takes immense pride in its tax planning and minimising tax liabilities of our customers, business owners and individuals while operating within the confinement of current Australian tax laws. Unlike other accountants, we are pro-active in our tax planning, and our team meets with our clients during the last quarter of each financial year to assess various options and opportunities our clients might have or can avail to reduce their tax liability. This may include the write-off of obsolete stock, writing-off bad debts, taking advantage of small business concessions by making prepayments on expenses before June 30th to obtain a full tax deduction for the year, paying director’s fees and staff bonuses before June 30th, pooling depreciating assets etc.
Many businesses are required to prepare and provide a detailed stock take or a list of detailed work in progress as of June 30th every year. We work with our clients to review their stock listing and write-off any obsolete stock, spoilt or expired stock and any form of worthless stock which cannot be used in the business for processing into the conversion of finished good or cannot be sold. By writing these stocks off, our clients can reduce their tax liabilities and pay less tax while being in confines of the law.
Writing-off bad debts are something many business owners do not conduct periodically. We help and assist our clients in analysing their debtor list, separate short terms receivable from long-term receivable, and further segregate receivables into recivables which will be realised and receivables which have turned or might turn into bad debts. After reviewing your debtor’s list, we assist our clients to write off their bad debts before June 30th by preparing minutes of Directors meeting, list of each bad debt or doubtful payment along with evidence that these amounts were written off before the end of financial year. We help our clients to reduce their tax liabilities by legitimately writing-off bad debts ensuring our clients don’t pay more tax than they are liable to.
Small business concessions help business owners and small-sized businesses to make prepaid payments or prepayments on expenses such as loan interest, rent, subscription before June 30th and obtain a full tax deduction for the entire financial year.
We also explore multiple other avenues to reduce the tax liabilities of our clients which include payment of Director’s fees and staff bonuses, if any before June 30th, pooling of depreciating assets, scrapping of depreciating assets, writing-off bad debts before June 30th, superannuation payments before June 30th etc.