No one wants to pay an unnecessary amount of Tax. This is where Tax Planning in advance comes in. Tax planning in advance plays an important role to minimise tax and maximise refund, legally. Tax planning is the overview of financial planning which takes into account Investing strategies, Rental properties, Superannuation. There are different Tax Planning Strategies some of which includes:
We will overview your circumstance and plan your financial affairs without breaking any law. This will result in giving you the full advantage of all Exemptions, Deductions, Rebate and Reliefs. As a result, this will reduce your tax liability.
It is a plan that we use by analysing your financial situation to minimize your tax liability legally. A simple example: Interest/insurance paid in advance for your investment property if your income is going to be less next financial year. It is about effective use of tax deductions, tax offsets, tax efficient investment and more. Actions cannot be reversed without paying tax therefore, it is always better to have good understanding of taxation system and have short and long term tax planning to minimize the tax as a whole.
There are various ways you can reduce your taxable income, such as:
(For details explanation on each of the above items you can contact us)