A business tax accountant explains: why is tax planning important?
“What you do today can improve all your tomorrows”
Ralph Marston
At first glance, you probably wouldn’t think this motivational quote can be connected to you as a business owner and your business.
However, when it comes to business – most especially if we are talking about future growth – wouldn’t it be advantageous to plan ahead and come up with strategies that will benefit you in the year ahead?
If you’re looking at the most effective steps to take, then consider tax planning. As business tax accountant experts in Melbourne, Bruce Edmunds and Associates is here to help you with tax planning.
Before we get into the thick of things, perhaps we should look into what exactly tax planning is, and its importance to business owners everywhere.
What is tax planning?
Tax planning is all about the strategic and timely approach to business tax related matters.
Through tax planning, we are looking for ways that can help your business pay as little tax as possible.
The strategies related to tax planning that come into play are geared towards being able to maximise and improve your business’s growth.
Additionally, tax planning is about being able to decrease tax obligations and increase claims. And to add to that, when you have tax planning in place, you will find your business reaping benefits from it, including stronger and more stable growth.
Benefits of tax planning support from a tax accountant
Better cash flow and flexibility
When you work with our team of Chartered Accountants, we will see to it that we improve your business’s cash flow by figuring out ways to minimise the tax you are sending ATO’s way.
With more money flowing in your business, you have more resources to spend on expanding operations and your team.
Knowledge financial standing
Since you are working with an accountant, you will have a better understanding of your business’s financial standing and situation.
With effective tax planning, it’s easier to understand how and when you can best benefit from tax claims.
Knowledge of deductions and exemptions
When you focus on tax planning, you are also giving emphasis on the different tax requirements and needs that your business might have to meet.
With this, your accountant will be able to guide you on the changes and updates that are related to exemptions, deductions, and allowances that you may be able to take advantage of.
Stay updated on all obligations
We understand – tax time can be awfully confusing for everyone.
We know it’s far from your favourite thing to do as a business owner (luckily for you, we love it!), and it’s not your core strength – nor does it have to be.
The tax world can be, if you’ll pardon the pun, taxing – there are countless rules, regulations, and obligations you and your business must adhere to, to remain compliant in the eyes of the ATO.
Take advantage of the support and knowledge of expert tax accountants who will ensure your business fulfils all its tax duties.
Plan for success! Are you considering tax planning for your business?
Get support from Melbourne’s trusted business tax accountants
Composed of professional personal and business Chartered Accountants, the team at Bruce Edmunds and Associates has been assisting individuals and businesses in Melbourne since 1966.
Offering various accounting services, Edmunds can also take care of your business’s tax planning.
We are here to make sure that you are able to optimise all possible options when it comes to growing your business and strengthening cash flow.
If you are interested to find out how Edmunds can assist you with tax planning and other tax related concerns, give us a call on (03) 9589 5488.
Alternatively, you can email us at inquiry@edmunds.com.au and we can give you a call.
