At GTC Financial, we're dedicated to empowering business leaders to manage their tax affairs confidently. Our approach ensures that effective tax planning not only lightens your tax load but also enhances compliance, cash flow, and ensures no nasty surprises at tax time.
What is Tax Planning?
Tax planning is the strategic planning process of organising your financial affairs to:
- minimise tax liabilities while
- maximising savings and
- ensure compliance with relevant tax laws and regulations.
Why do Tax Planning?
Tax planning goes beyond just cutting taxes.
- By identifying opportunities for deductions, credits, and incentives, you retain more of your earnings in your pocket.
- Tax planning is not solely about saving money; it's about enhancing your financial strategy. Whether you're growing your business, saving for significant ventures, or preparing for retirement, tax planning empowers you to take control.
- It's not just a defensive move; it's about creating an effective strategy that aligns perfectly with your aspirations.
How does GTC navigate the Tax Planning Process?
We like to keep things simple with our 5-step process:
Step 1: REVIEW: We review your year to date numbers to ensure we understand how your business is performing and that the information is accurate.
Step 2: ESTIMATE: We project the remainder of the financial year to determine what your final position might look like.
Step 3: STRATEGISE: We will meet with you to explore various strategies and determine what is most suitable based on your business’s short and long term goals.
Step 4: IMPLEMENT: We will check in with you just before 30 June to make sure things are on track with our estimates and any actions agreed have been implemented.
Step 5: CHECK IN: If varying instalments was part of the plan, we will check in again after 30 June, before you finalise your BAS to determine if varying is still appropriate.
So, when should you dive into tax planning?
For most of our clients, the ideal time to commence tax planning is in the final quarter of the financial year. This timeline allows us ample opportunity to thoroughly review your financial data, identify potential deductions, and devise the optimal strategy for your tax situation.
Initiating tax planning before June 30 enables companies to proactively manage their tax duties, ensuring a seamless transition into the new fiscal year and eliminating the possibility of any unexpected tax complications.
Engaging in tax planning allows businesses to actively oversee their tax requirements while optimising their financial performance.
Utilising tax planning as a deliberate strategy not only bolsters a company's profitability but also establishes a foundation for enduring growth and success in the future.
Talk to our team about tax planning today!
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