Most individuals or business owners only see their accountant at tax time. Or perhaps when they need access to some figures for an application form. While tax returns are a specialty of ours, implementing a legitimate and effective tax planning strategy can see you reaching your financial goals sooner.
Whether for your personal investments or to find those hidden tax efficiencies in your business, the Modoras team are Australian tax planning experts ready to show you that achieving more is possible.
What is tax planning?
Tax planning shouldn’t be something that you start thinking about in the last few weeks of June.
If you do come to us for assistance around this time we will be sure to let you know about all the tax deductions you are entitled to and lodge your tax return in an accurate and timely fashion.
But the truth is we see tax planning as an all year event.
Tax planning is where individuals and businesses structure their affairs to legally reduce their tax liability and make savings. This can be achieved in a number of ways including:
- Implementing the right business structure to operate your business
- Utilising deductions and exemptions
Tax Planning Strategies
Successful tax planning strategies focus on three key areas:
- Reducing taxable income
- Increasing deductions
- Utilisation of the lower tax rates available.
Other common business tax planning strategies include:
- Reviewing and writing off bad debts
- Reviewing the timing of your invoices. Would it be better to invoice a job at the end of June in July?
- Revaluing your inventory
- Taking advantage of small business concessions
- Prepaying expenses for the next 12 months
Talk to the tax planning experts on the Modoras Accounting team about how we can help you capitalise your return.
What do you need to prepare for tax time this year?
Our experience shows that you get the most out of tax time when you come prepared with absolute clarity on your top 3 financial and personal goals. Click below to complete the goal assessment form, and one of our Modoras Professionals will be touch to help you put a plan in place.
Complete your tax return via the Modoras online tax portal!
We are focused on optimising your individual tax return. Whether that be maximising your tax refund or minimising the tax payable.
Submit your return via the secure Modoras online tax portal and once complete, a Modoras Accountant will be in touch to discuss the tax return and opportunities to maximise your tax position.
Click the button below to get started now.
Do you know how to make the most of your tax refund? Click here to hear a few ideas from Modoras Group Head of Wealth, Paul Gaffney.
We asked a range of Modoras experts to share their top tips and tricks for individuals and businesses. Click the orange button below to hear their insights. Make sure to come back from time to time, as we update this page regularly.