Maclean Partners, Chartered Accountants, Financial Planning, Townsville, Queensland

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Are you paying too much tax?

January 1, 2022

Are you paying too much tax?

 

Paying tax is an inevitable part of doing business.

The more your income grows, the more tax you are liable to pay.  You are rewarded for your success with a bigger tax bill.

While we don't want our clients to avoid paying tax or evade the tax department.  We do want our clients to only pay the amount of tax they are legally liable for.

Many business owners don't understand the tax deduction and other benefits available to them.

We want to help you arrange your financial affairs so you can minimise your tax and pay only what you should.  Tax legislation is constantly changing.  Our team are up to date with any changes and understands how changes can affect our clients.

Changes to your personal circumstances can also affect how much tax you need to pay.  There could be a better way to structure your affairs, so you pay less tax.

Some examples of areas where you could save tax include:

  • Vehicle ownership
  • Home office expenses
  • Entertainment
  • Employee benefits
  • Loan refinancing
  • Family income allocation

We can assess your tax situation.

We can review your financial reports and identifying potential tax saving opportunities in your business to determine the most appropriate tax structure for your circumstances.  We can also advise on the financial implications of your current and planned arrangements.

We won't just make recommendations; we will ensure you understand your tax obligations and give you peace of mind that you are compliant with all tax legislation.

Knowing exactly how much tax you will have to pay means you can set aside the right amount of money on a regular basis, so you are prepared for the bill and won't incur penalties or interest.

"The only thing that hurts more than paying an income tax is not having to pay an income tax." - Thomas Dewar.

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