Tax Planning
Benjamin Franklin stated there were three certainties in life, death and taxes. One can be delayed by living a healthy lifestyle. The other can be reduced by some sensible tax planning.
Many people pay more tax than they need to, yet with some simple planning you may legally reduce the amount of tax you need to pay. A word of warning though – some people are so obsessed with paying less tax that they end up with less money in their pocket.
One of our most beneficial services is the assisting clients with their tax planning requirements. We aim to assist clients in establishing a financial position and profitability of their business before the end of each financial year, and offer proactive advice which ensures that issues are identified early, and problem areas addressed immediately. This enables planning for management and taxation purposes.
By planning for the future, we can save you significant time and money.
Our clients take advantage of the benefits of having their tax position reviewed throughout the financial year to help them identify ways of legitimately reducing their tax liability.
This will also involve a review their current operating structure and the potential application of different structures including, companies, trust and superannuation funds to assist in tax minimisation.
It is important to understand that tax planning should be undertaken in conjunction with wealth accumulation, asset protection and estate planning strategies.
Call Glenister & Co for advice relating to your tax planning requirements.
Business Structures
What type of business structure will you use?
Will you be a sole trader, in a partnership, a company or a trust?
There are advantages and disadvantages to consider for each.
Choosing your business structure is an important decision, so you need to investigate each option carefully.
When making your decision, consider whether your activity is a business, or a hobby.
Remember that to be able to claim business deductions you must be carrying on a business.
Other factors to consider are the cost of set-up, the taxation implications, the expense of ongoing administration and your personal financial liabilities.
You should consult Glenister & Co for advice in respect of your business structure..
Do you fully understand all of the different types of entity structures? Common entity types include sole-traders, partnerships, discretionary trusts, unit trusts, companies and self-managed super funds.
The type of entity used affects a great deal of variables including reporting criteria, tax levels, establishment and annual fees. If you aren’t aware of all the different options, you may be spending more time and money than necessary.
We have extensive experience in complex structures. We are able to evaluate the legal structure of your business, and advise you on how it could be configured in the most tax efficient manner.
WHY IS IT IMPORTANT TO EXPLORE ALL THE OPTIONS?
Having the right structure can ensure that:
- Your assets are protected
- You are using the most cost effective alternative
- You are protected from personal liability
- You are complying with legal requirements
Call Glenister & Co for advice relating to your business structures
Asset Protection
Asset protection is the adoption of advanced planning techniques, which place one's assets beyond the reach of future potential creditors.
In practice, it does not involve hiding assets, nor is it based upon secret agreements or fraudulent transfers. It is based upon proven sophisticated combinations of business and financial planning techniques.
The essence of asset protection is “When things go wrong - that is when we need it, and value it". It’s of no use, and too late to act when things have already gone wrong.
Call Glenister & Co to discuss the application of asset protection strategies.
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