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Putting your tax plan into practice

We’ve spoken before about the importance of tax planning.

The impact that it has on your business performance and how important it is to be proactive in this area.

Tax planning is an essential practice and provides an accurate insight into the business's tax position and projected earnings.

As we approach the end of the calendar year, it’s a great time to reflect on how well you are putting the tax planning strategies for the full financial year into practice.

Reviewing the current financials across your business, and how well they meet with the objectives and tax planning initiatives you established, provides a clear outline on the business’ assets and liabilities, cashflow and any potential opportunities for growth and expense deduction.

There are some key factors that contribute to effective tax planning and a few of these include:

• Prepay expenses for the year ahead

• Voluntary superannuation contributions

• Expenses reduction

• Tax deductions, savings and minimising liabilities

• The impact on cash flow

Assessing these key components assists you in budgeting, building business structures and developing long-term strategies for your business.

So, how are you sitting when you look critically at the practicalities of your tax planning?

If you’d like to discuss any aspect of your business accounting or would like guidance on how tax planning can work for your business don’t hesitate to call 4926 8000 to speak with the team at Hub Advisory Group.

Disclaimer: This information has been provided as general advice. We have not considered your financial circumstances, needs, or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication.

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