Tax planning gives you timely information, so you can make informed business decisions.
Tax planning involves reviewing your current year results up to March, in May – June prior to the end of the financial year.
An income and tax estimate are then prepared based on these figures and a projection of the last quarters trade.
Information is power, with these estimates you can make informed decisions on tax minimisation strategies prior to the end of the financial year.
Tax planning also helps in cash flow management, as you are aware of what tax is likely payable.
Good tax planning aims to reduce personal or business tax liabilities by utilising the appropriate tax exemptions, rebates, and benefits.