Tax & GST

Business Planning - March


Business Planning - March

Monday, March 4, 2019

In business, effective year-round planning presents both opportunities and challenges.

Tax planning is, after all, not simply a once-a-year 'grin and bear it' catch up with your accountant or business advisory to lodge a return.

To keep ahead of the curve (as well as on top of compliance and legislative changes), a robust business strategy must developed - and constantly monitored.

By developing a genuine partnership with your tax professional or advisor, they will acquire a deeper appreciation for your business, ownership structure, industry, marketplace and competitors.

Equally, it's imperative to ensure both businesses and individuals work within the law; it’s the glue that binds our tax system.

Pushing the legal boundaries (when it comes to your fiscal affairs) WILL attract the scrutiny of officials.

Remember if schemes encouraging:

* excessively large deductions or tax offsets when compared to investment income

* mixing private expenses with business expenses

* investing now, with no return until later years, if ever

* complex financing arrangements with no obvious commercial purpose

* creating a loan that may never need to be repaid, or

* claiming deductions that may never be paid for.

. . . appear too good to be true - they most probably are.

To Do This Month:

21 March

* Lodge and pay February 2019 monthly business activity statement.

31 March

* Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large/medium taxpayers), unless the return was due earlier. Payment for companies and super funds in this category is also due by this date.

* Lodge tax return for the head company of a consolidated group (excluding large/medium), with a member who had a total income in excess of $2 million in their latest year lodged, unless the return was due earlier. Payment for companies in this category is also due by this date.

* Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large/medium trusts. Payment for individuals and trusts in this category is due as advised on their notice of assessment.

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Monday, March 4, 2019


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