CASE STUDIES: Reducing tax liability for high net worth individuals
Whether you are running your own business or employed by one, any business decision you make will have tax consequences and will be affected by a range of different taxes, namely Income Tax, Capital Gains Tax, Goods and Services Tax or Fringe Benefits Tax.
As a salaried employee, there are many opportunities for minimising your tax by taking advantage of salary sacrificing opportunities and business prepayments and deductions.
BENEFITS OF HAVING A TAX ACCOUNTANT
If you are considering starting up a business or are running your own business, there are many tax obligations of which you need to be aware, including payroll tax, GST, PAYG, BAS lodgment requirements, annual returns, workers compensation and other compliance requirements.
It is also important to carefully consider the business entity from which to operate your business in terms of tax minimization, asset protection and estate planning. Buying and selling a business would also entail important considerations re business structures and financing arrangements, and the resulting tax consequences.
WHAT WE OFFER
Tax planning and management is an essential part of any business and should be continuously reviewed and updated throughout the year. It’s important to have expert advice readily available so you are not jeopradising the success of your business during tax time.
Gotsis Accounting can assist you in all areas of tax planning and compliance and provide you with advice which is best suited to your personal circumstances and achieves the optimum outcome for your business and personal needs. Our experienced tax return accountants in Sydney can also help with areas such as property tax and self-managed super funds.