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Tax Planning an Essential Tool to Ensure Compliance


Are you the owner of a business that has grown beyond your expectations and is
at risk of stalling because of a structure that no longer serves its purpose?
Perhaps you are an investor with multiple properties and interests, looking to
minimise the impact of taxation on your returns while still discharging your legal
tax responsibilities. You may be a taxpayer receiving a wage or salary who wants
to take advantage of wealth building opportunities, but needs help to understand
how that will affect the tax you will pay.

If any of that sounds like you, keep reading and you will be introduced to MSI
Taylor, Accountants and Business Advisors. This leader among accounting firms
has been providing tax and financial services to its clients since 1972 from their
Brisbane offices. With six working partners and a support staff of forty specialists
in their respective fields, MSI Taylor can help anyone understand how the
taxation system applies to their particular circumstance.

One of the key services MSI Taylor can provide to their clients is tax planning, a
crucial but often overlooked strategy that, if well executed within the boundaries
of the current legislation, can mean the difference between meeting their tax
obligations and being totally unprepared, scrambling for funds to pay an
unexpected tax debt. Having a strategy in place requires specialised knowledge of
taxation legislation, the ability to formulate action plans to put before the client,
and the skills to provide advice in clear terms to the client so they are able to
make a decision

MSI Taylor is not just another accountant Brisbane who knows the taxation laws
and are able to complete and lodge tax returns. They have the experience to
recommend courses of action that will lead to meeting tax compliance without
compromising future growth. Taxation planning requires a detailed knowledge of
the client’s business or situation, and an understanding of where the client wants
to be financially in the foreseeable future. By knowing the goal the client wants to
work towards, MSI Taylor can recommend a clear path towards that goal, and
milestones to be reached on the way such as, for example, a company restructure
or asset management or capital raising or even a merger.

“I had the opportunity to expand my business due to a large contract we won, but
we didn’t have a lot of our own capital to fund it. We were looking at raising
capital through a private investor, but we really didn’t know what the tax
implications would be. After meeting with a tax planning specialist from MSI
Taylor, we had a clear plan of action, and fully understood what was needed to
get the project up and running and still manage our tax obligations,” said Lee K.

Some business owners get into difficulty with the ATO by underestimating the
impact of taxes associated with their role as an employer. They generally have
pay-as-you-go tax under control, but often forget about fringe benefits tax,
payroll tax, compulsory superannuation guarantee and Workcover – all
obligations that must be met by any employer wanting to avoid compliance
issues. Advice on these issues is part of the service that MSI Taylor can provide
when they work on tax planning with a client. If these extra taxes are identified
and budgeted for, there is less likely to be a nasty surprise at end of financial year.

“As a new business owner with only a few staff, I thought I had everything
covered tax-wise, but I had little direct knowledge of FBT and it bit me big time.
Now, after getting together with the FBT guru at MSI Taylor, I know my liability
and how to report it every year. With a solid plan in place, I won’t get caught
again,” said Regis O’T.

Regardless of the size of your business, your investment portfolio or your salary,
you will benefit from engaging MSI Taylor to assist you with taxation planning. By
remaining compliant, keeping on top of changes to tax legislation and hitting
those milestones on your long-term journey, you can build a solid financial future,
and still meet your tax obligations.
http://www.msitaylor.com.au/

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Tax Planning an Essential Tool to Ensure Compliance

  • 1. Tax Planning an Essential Tool to Ensure Compliance Are you the owner of a business that has grown beyond your expectations and is at risk of stalling because of a structure that no longer serves its purpose? Perhaps you are an investor with multiple properties and interests, looking to minimise the impact of taxation on your returns while still discharging your legal tax responsibilities. You may be a taxpayer receiving a wage or salary who wants to take advantage of wealth building opportunities, but needs help to understand how that will affect the tax you will pay. If any of that sounds like you, keep reading and you will be introduced to MSI Taylor, Accountants and Business Advisors. This leader among accounting firms has been providing tax and financial services to its clients since 1972 from their Brisbane offices. With six working partners and a support staff of forty specialists in their respective fields, MSI Taylor can help anyone understand how the taxation system applies to their particular circumstance. One of the key services MSI Taylor can provide to their clients is tax planning, a crucial but often overlooked strategy that, if well executed within the boundaries of the current legislation, can mean the difference between meeting their tax obligations and being totally unprepared, scrambling for funds to pay an unexpected tax debt. Having a strategy in place requires specialised knowledge of taxation legislation, the ability to formulate action plans to put before the client, and the skills to provide advice in clear terms to the client so they are able to make a decision MSI Taylor is not just another accountant Brisbane who knows the taxation laws and are able to complete and lodge tax returns. They have the experience to recommend courses of action that will lead to meeting tax compliance without compromising future growth. Taxation planning requires a detailed knowledge of the client’s business or situation, and an understanding of where the client wants
  • 2. to be financially in the foreseeable future. By knowing the goal the client wants to work towards, MSI Taylor can recommend a clear path towards that goal, and milestones to be reached on the way such as, for example, a company restructure or asset management or capital raising or even a merger. “I had the opportunity to expand my business due to a large contract we won, but we didn’t have a lot of our own capital to fund it. We were looking at raising capital through a private investor, but we really didn’t know what the tax implications would be. After meeting with a tax planning specialist from MSI Taylor, we had a clear plan of action, and fully understood what was needed to get the project up and running and still manage our tax obligations,” said Lee K. Some business owners get into difficulty with the ATO by underestimating the impact of taxes associated with their role as an employer. They generally have pay-as-you-go tax under control, but often forget about fringe benefits tax, payroll tax, compulsory superannuation guarantee and Workcover – all obligations that must be met by any employer wanting to avoid compliance issues. Advice on these issues is part of the service that MSI Taylor can provide when they work on tax planning with a client. If these extra taxes are identified and budgeted for, there is less likely to be a nasty surprise at end of financial year. “As a new business owner with only a few staff, I thought I had everything covered tax-wise, but I had little direct knowledge of FBT and it bit me big time. Now, after getting together with the FBT guru at MSI Taylor, I know my liability and how to report it every year. With a solid plan in place, I won’t get caught again,” said Regis O’T. Regardless of the size of your business, your investment portfolio or your salary, you will benefit from engaging MSI Taylor to assist you with taxation planning. By remaining compliant, keeping on top of changes to tax legislation and hitting those milestones on your long-term journey, you can build a solid financial future, and still meet your tax obligations.