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Monday December 1, 2014

Strategies for tax minimisation

Death and taxes – we all know the saying. While none of us want to pay tax, we know it’s inevitable.


But do you pay too much tax? Or are you often surprised at an outstanding and unexpected tax bill at year end? That can really hurt…


It doesn’t have to be that way. If you plan your affairs and finance structures properly, you can minimise the amount of tax you pay and avoid any nasty tax surprises.


Tax planning, however, can be a very complex area of law.


Safeguarding your finances involves assessing your current position, identifying your ambitions and understanding what you want from your finances.


Most importantly, you must have the right documents and structures in place to avoid costly mistakes. This may include transferring existing assets to different holding entities, or establishing a different company or trust structure.


It might sound expensive, but a tax planning service can save you thousands of dollars in the future by helping you set up the right way to hold (or own) investments and businesses and reduce your own personal taxes.


Oh, and just to debunk one further accounting myth - tax planning is NOT just for the rich. Nothing could be further from the truth. Knowing tax laws and using the best tax professionals you can WHILE your business is growing can actually help you become a market leader.


A tax specialist like Marley Loft can help you understand the steps you need to take and then put them into place for you. Contact us today.