Make sure you’re making the most of tax benefits

The Tax Forum looks like being a spectacular talkfest but being the optimistic soul that I am I haven’t given up hope that a few really nice ideas will come out of it.

If they can get to payroll tax, drop company tax a bit and perhaps provide some personal tax cuts I am sure we’d all be very happy!

I know, I know, I am dreaming.

But seriously, the Tax Forum should provide a great reminder for all business owners to sit down with their accountant and have a big chat about whether there are any tax breaks and/or concessions that you are missing out on.

It might be an R&D tax credit, an immediate tax writeoff for a certain asset, claims for certain expenses or even capital gains tax concessions if you happen to sell a business (this needs some planning, so it does pay to find out about this stuff well in advance).

Too many businesses and individuals treat tax as a once-a-year thing – we talk to the accountant in June and July and then forget about him/her for the rest of the year.

But careful and thorough tax planning has huge benefits.

Get it done – today!