Why Tax Planning is Important

As business advisers, tax planning is a great opportunity for us to help you be proactive with your business, provide valuable input around your projected earnings and tax position and show you how the business is performing as opposed to how you think it’s performing. This planning can be extremely important for both the short and long term success of your business.

When is the Right Time for Tax Planning?

Our recommendation is at least once a year, but we commonly do this exercise four times a year for many business clients.

What are some of the tax planning strategies we suggest?

  • Taking advantage of full expensing of assets prior to 30 June to obtain an immediate tax benefit for your business.
  • Understanding any other incentives or tax law changes and how it will impact on you and your business.
  • Reviewing the remuneration packages of the business owner(s).
  • Maximising your superannuation contributions following past reforms, and detail any impact the reforms may have on you and your family group.
  • Advising the minimum pensions to be paid from your superfund in order to earn tax-free income.
  • Assessing the viability of any salary-sacrifice options.
  • Reviewing your current business structure.
  • Ensuring compliance with Division 7A in relation to Director’s loan accounts and unpaid present entitlements (unpaid trust distributions).
  • Reviewing your ledger for potential unrecoverable debts or obsolete items of stock or equipment to be written off.
  • Education in receiving dividends from your company and any top up taxes that might go into your personal tax return.
  • Managing and advising you of your estimated tax position and any opportunities to mitigate tax.

At the end of a business and tax planning process with your accountant, you should expect to walk away with more insight into your own business and a greater level of surety to make short to medium-term financial decisions.

We have prepared a simple tax planning checklist for you to refer to if you are considering tax planning.

Please note this is an introductory guide and does not cover the full complexities that tax planning involves. Get in touch with your advisor to discuss tax planning further.

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Osborne Park Office
18 Sangiorgio Court, Osborne Park WA 6017
Locked Bag 4, Osborne Park DC WA 6916
Mon - Fri: 8.00 am - 5.00 pm
Port Hedland Office
15 Edgar Street, Port Hedland WA 6721
PO Box 149, Port Hedland WA 6721
(08) 6165 4067
Mon - Fri: 8.30 am - 4.30 pm

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Armada Accountants Pty Ltd – ABN 79 009 298 542, Armada Financial Planning Pty Ltd – Corporate Authorised Representatives of Armada Wealth Management Pty Ltd AFSL 535978, Armada Lending Pty Ltd – ABN 20 603 067 983 – Authorised Corporate Credit Representative (470054) of BLSSA Pty Ltd (ACL 391237), Armada Audit Services Pty Ltd – ABN 39 151 015 002, Armada Business Services Pty Ltd ABN 29 008 762 481 are members of the Armada Group. Each member of the Armada Group is a separate legal entity in its own right and is not in partnership with any other members of the Armada Group. Liability limited by a scheme approved under Professional Standards Legislation.



Armada Accountants & Advisors acknowledges and pays respect to the past, present and future Traditional Owners and Elders of this nation and the continuation of cultural and spiritual practices of Aboriginal and Torres Strait Islander peoples. Armada also acknowledges the Traditional Owners of the land where our Perth and Port Hedland offices are located, the Whadjuk Noongar People (Perth) and Kariyarra People (Port Hedland).

Armada Accountants Pty Ltd – ABN 79 009 298 542, Armada Financial Planning Pty Ltd – Corporate Authorised Representatives of Armada Wealth Management Pty Ltd AFSL 535978, Armada Lending Pty Ltd – ABN 20 603 067 983 – Authorised Corporate Credit Representative (470054) of BLSSA Pty Ltd (ACL 391237), Armada Audit Services Pty Ltd – ABN 39 151 015 002, Armada Business Services Pty Ltd ABN 29 008 762 481 are members of the Armada Group. Each member of the Armada Group is a separate legal entity in its own right and is not in partnership with any other members of the Armada Group. Liability limited by a scheme approved under Professional Standards Legislation.


Armada Accountants & Advisors acknowledges and pays respect to the past, present and future Traditional Owners and Elders of this nation and the continuation of cultural and spiritual practices of Aboriginal and Torres Strait Islander peoples. Armada also acknowledges the Traditional Owners of the land where our Perth and Port Hedland offices are located, the Whadjuk Noongar People (Perth) and Kariyarra People (Port Hedland).

Copyright © 2022 Armada Accountants & Advisors.
ALL RIGHTS RESERVED 

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