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Accounting and Tax Planning
Save more on taxes, spend less on accounting
As Melbourne based small business accountants, we’ve got answers to your questions. We’ll cover what income is taxed and what your small business can write off.
- A wide range of services
- Bookkeeping
- Tax planning
- 20+ Years of operating
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Proactive Accounting and Tax Planning
Our dynamic and flexible approach can help you make better financial decisions
While working hard to help minimise your tax, we will provide you with the best proactive tax advice that aligns with your business and personal goals. As small business accountants will take the time to understand your current situation and where you want to be in the future. With Trew North you will gain a better understanding on your financial position and how your decisions can impact the amount of tax you pay.
3 Keys To Accounting and Tax Planning
When it comes to accounting and tax planning, there are several key aspects that individuals and businesses should be aware of. Here are the three most important things.
1. Understanding the Tax System and Compliance Obligations
Australia has a complex tax system, with various taxes including income tax, Goods and Services Tax (GST), and Fringe Benefits Tax (FBT). It’s crucial to understand the different types of taxes that apply to your situation, whether you’re an individual, a sole trader, or a business owner. Staying compliant with the Australian Taxation Office (ATO) is essential to avoid penalties. This includes timely and accurate filing of tax returns, reporting income correctly, and keeping detailed records.
2. Maximising Tax Deductions and Credits
There are numerous deductions and tax credits available in Australia that can significantly reduce your taxable income. For businesses, this may include deductions for operating expenses, depreciation of assets, and research and development (R&D) tax incentives. For individuals, deductions might include work-related expenses, charitable donations, and investment-related deductions. Understanding what you can claim and planning your expenses accordingly is vital for effective tax planning and minimising your tax liability.
3. The Importance of Superannuation and Retirement Planning
Superannuation (super) is a mandatory retirement savings scheme in Australia. Both employers and employees need to contribute to superannuation, and it’s important to ensure that contributions are made correctly and on time. Effective superannuation planning can offer tax benefits, as there are concessional (tax-deductible) and non-concessional contributions that can be made. Additionally, understanding the tax implications of accessing superannuation, especially when retiring, is crucial for long-term financial security.
