When an accountant talks about Tax Planning what do they actually mean? As part of our tax advisory service we always offer strategic
tax advisory, but it's important to note there are a lot of things that accountants cannot implement after June 30.
Cash and tax planning is particularly important for vignerons, who experience a wide gap between the expense of initial
crop planting and maintenance, to the time of harvest and finally the finished bottle to be sold.
As we enter into tax year-end it’s important to consider your tax flow before June 30. Many vignerons would have taken up the ATO
on their offer to pause PAYG instalments during COVID-19, then have experienced a post-covid bounce back where more
cash is coming in and potentially more profit than anticipated.
It’s also worth noting that whilst the government cash boost and grant incentives are not taxable, the JobKeeper payments are considered as taxable income, therefore requiring careful planning before year-end.
Shannon Smit, Director of award-winning SMART Business Solutions, and Paul Cunningham, Associate, are skilled in accounting and advisory for the liquour industry, guiding their clients toward the most tax effective structures to ensure business strength is at the forefront.
Shannon gives a quick wrap up of how tax planning works and what you should expect when you engage an accountant in a tax planning
strategy:
Your tax planning process doesn’t need to be complicated, but it should be thoughtful, never reactive. Working with your accountant you can
evaluate your current tax strategy and find ways to optimise your tax situation further.
As experts in the liquor industry, we welcome any questions you may have on how we can assist in creating a strong tax structure for your business.
Please get in touch on 03 5911 7000 or email
us
to set up a discussion.
Understanding and effectively managing excise tax is crucial for the success of distilleries and craft alcohol producers in Australia. With proper planning and strategic execution, businesses can thrive in this heavily regulated yet dynamic market.
When an accountant talks about Tax Planning what do they actually mean? As part of our tax advisory service we always offer strategic tax advisory, but it's important to note there are a lot of things that accountants cannot implement after June 30.
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