Tax Planning Sunshine Coast & North Lakes

We can plan your tax affairs to help uncomplicate your life. Total Business Partners provide specialist tax planning and strategic advice for all our clients in Sunshine Coast.

Based on our knowledge and understanding of taxation legislation, we always advise our clients on the best possible solutions to minimise tax liability. Trust the professionals to ensure that you only pay the tax that you are required to, legally and ethically.

Please visit our pages for tax planning in Brisbane, Redcliffe and North Lakes.

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What is Tax Planning?

The idea behind our tax planning on the Sunshine Coast is to analyse your business financials and create a plan to ensure that your tax liability is as low as possible. We may refer to this kind of plan as tax efficiency. When it comes to owning and running a business, tax planning should be an essential part of your operation. Through the reduction of tax liability, you offer your business the chance to maximise profits and raise further capital that can be used for expansion or clearing debt.

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Tax Planning for Businesses on the Sunshine Coast

Tax planning is essential for businesses in Australia of any size and there are several ways companies can reduce their tax bills through deductions, exemptions and proper planning. At Total Business Partners, our experienced accountants on the Sunshine Coast and North Lakes can help you plan your business tax strategy and maximise your profitability for many years to come. From choosing the right tax planning strategy to claiming deductions and maximising superannuation contributions, we take a look at some of the best ways businesses can plan their taxes.

The Importance of Tax Planning

It’s important to consider tax planning as early as possible so businesses can prepare and streamline their tax liability before the deadline. Because of the recent economic uncertainty brought on by the global pandemic, there are many tax breaks and incentives for businesses to help them during these challenging times.

Businesses must understand these and what they are entitled to, to make sure their operations are as efficient as possible. Tax planning has never been more important and businesses can make a number of wise decisions to ensure the longevity of their companies.

Tax Planning Strategies for Businesses

Tax planning allows businesses to manage their taxes and prepare for their yearly tax bills. Our experienced business advisors can help reduce the burden with tax deductions, superannuation funds and other tax management strategies. It’s important to make sure your business is taking advantage of any current tax policies which could allow you to free up funds for other business expenses. Our tax planning services for businesses include:

  • Tax deduction advice
  • Planning the financial year
  • Financial reporting

If you’re looking for a tax accountant on the Sunshine Coast for your business, our experienced accountants are here to help. Tax planning is very different from tax evasion and all accounting work we do is fully compliant with the law.

Every year, there is a new range of different tax planning measures businesses can take, so it’s vital to get the latest tax advice from a qualified accountant. At Total Business Partners, we have been helping businesses on the Sunshine Coast manage their taxes for decades and we’re proud of our reputation for professional tax services.

Types of Tax Planning

There are several ways a business can reduce its taxable income, with a wide range of strategies to consider. Our accounting experts can advise you on the best strategies to use for your business, including deferring income, minimising home office deductions, making catch-up superannuation contributions and claiming tax deductions for business-related asset purchases.

Understanding how we conduct Tax Planning Sunshine Coast & North Lakes

There are many things to consider when organising a tax plan and when it comes to managing these finances, the team at Total Business Partners has a plethora of experience and expertise. This includes factors such as:

  • Size of income
  • Timing of income
  • Timing of purchases
  • Employee wages
  • Frequency of income and purchases
  • General expenditures

Additionally, we aim to offer advice to help lower your tax liability legally and ethically. Our experienced team set out to protect any assets from depreciation and look to manage your tax payments to ensure that you are only paying what you are required to. Furthermore, we will assist you in preparing for the end of the financial year, organising plans to sort superannuation payments, certain debts, staff bonuses, directors’ fees and other vital payments that can build up if not recognised and organised.

Tax Planning FAQs

When should businesses start tax planning?
Businesses should start tax planning as soon as possible to make sure they have the funds available to pay their tax bill when it’s due.
When are tax returns due in Australia?
The general tax return filing deadline is the 15th of April. If you have missed that date, you can file your return online by the 31st of October.
Is tax planning legal?
Yes, as a business owner, you have the right to make sure your tax bill is as low as possible as long as it’s done in a compliant manner.
What are the 3 basic tax planning strategies?

There are lots of ways to plan your taxes; however, there are 3 typical approaches:

  • Reducing your income
  • Taking advantage of tax credits
  • Increasing tax deductions

Tax planning using these three pillars is vital to helping you make the most of your income. For example, AGI (adjusted tax income) is arguably more important, when it comes to tax, than gross income. It refers to your income after deductions such as student loans or superannuation payments. Additionally, you can lower your AGI by choosing to pay money into your retirement fund.

What is the purpose of tax planning?

Tax planning is important in helping your business save money on tax whilst always complying with all legal tax obligations and requirements.

By mitigating your tax burden, you can invest more capital into your business and promote further growth. Additionally, you can minimise litigation which can help lower your chances of getting into any potential legal disputes.

What are the 4 key advantages of tax planning?

In order to get the most out of your money for your business, tax planning is vital. The 3 key advantages to professional tax planning are:

  • Minimising tax liabilities
  • Minimising litigation
  • Leveraging productivity

Through comprehensive tax planning in the Sunshine Coast, you can reduce your tax burden and add more capital to your business. We always ensure that all tax planning is conducted within all of the rules and regulations of tax legislation.

Additionally, through minimising litigation, your potential for legal disputes may significantly go down. This is often a worry for many businesses who conduct their tax affairs fairly; however, are investigated. This can cause unwanted stress and extra energy that could be put to better use helping your business grow.

Sunshine Coast Tax Planning location

North Lakes Tax Planning location

Take a look at some of the other services that we provide in Sunshine Coast to facilitate success

At Total Business Partners, we are driven by the success of our clients. We are Xero certified accountants, well-versed in structural business planning and financial management, and always look to provide the best standard of service. With this in mind, we have chosen to offer the following comprehensive services to help Sunshine Coast businesses thrive. We also provide services to the wider Brisbane region, including North Lakes.

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