How you can minimise tax without choking the life out of your business
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The document discusses how business owners try to minimize taxes by making no profit or paying themselves less than market wages. However, this is not sustainable long term as it leaves no money for the business owner and can strangle the business. The document recommends business owners use a business checkup tool to ensure they are operating profitably and sustainably by achieving an appropriate customer value and transaction flow. This allows them to pay appropriate taxes while keeping the business viable.
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How you can minimise tax without choking the life out of your business
- 1. How you can minimise tax without choking the life out of your business © Copyright One Sherpa Pty Ltd 2010
- 2. Have you been trying to avoid the tax man and found you have no cash left in your business? © Copyright One Sherpa Pty Ltd 2010
- 3. Avoiding the tax man seems to be a goal for many business people © Copyright One Sherpa Pty Ltd 2010
- 4. But is it the best strategy? © Copyright One Sherpa Pty Ltd 2010
- 5. Does it bring you the best results? © Copyright One Sherpa Pty Ltd 2010
- 6. Could it lead to the situation where you save tax but have nothing left for yourself? © Copyright One Sherpa Pty Ltd 2010
- 7. One way people avoid paying tax is by making no profit! © Copyright One Sherpa Pty Ltd 2010
- 8. Another way is by avoiding paying themselves a market rate for their services to the business © Copyright One Sherpa Pty Ltd 2010
- 9. Both of these achieve the objective of paying no tax but where does that leave the business owner? © Copyright One Sherpa Pty Ltd 2010
- 10. If you are not making the correct margin AFTER taking a market wage from your business then you are going to struggle! © Copyright One Sherpa Pty Ltd 2010
- 11. It is imperative for you to make profit and pay some tax in the long haul or you won’t be sustainable © Copyright One Sherpa Pty Ltd 2010
- 12. Let me show you how to do this in One Minute Business Checkup © Copyright One Sherpa Pty Ltd 2010
- 13. PROBLEM #5 NO PROFIT : CV 13.7% - TF 13.7% = 0 © Copyright One Sherpa Pty Ltd 2010
- 14. PROBLEM #5 NO BUSINESS OWNER COSTS © Copyright One Sherpa Pty Ltd 2010
- 15. The first step to a sustainable business is to add a market wage for the business owner. © Copyright One Sherpa Pty Ltd 2010
- 16. PROBLEM #5 Makes it worse and a significant LOSS © Copyright One Sherpa Pty Ltd 2010
- 17. There are two measures which need to be addressed to address this situation 1. Customer Value measure 2. Transaction Flow Measure © Copyright One Sherpa Pty Ltd 2010
- 18. 1. Customer Value measure This can be addressed by a price increase of 17.3% which increases sales by $138,000 © Copyright One Sherpa Pty Ltd 2010
- 19. PROBLEM #5 $138,000 increase in Sales © Copyright One Sherpa Pty Ltd 2010
- 20. 1. Customer Value measure Alternatively this can be addressed by reducing costs by 15% which will reduce costs by $110,000 © Copyright One Sherpa Pty Ltd 2010
- 21. PROBLEM #5 $110,000 decrease in Costs Transaction Flow still requires attention © Copyright One Sherpa Pty Ltd 2010
- 22. 2. Transaction Flow Measure This can be addressed by increasing the volume of sales through the business by 14.6% which gives additional sales of $116,667 This would also increase other costs by $93,334 to account for the additional volume © Copyright One Sherpa Pty Ltd 2010
- 23. $116,667 more Sales $93,000 increase Costs © Copyright One Sherpa Pty Ltd 2010
- 24. 1. Transaction Flow Measure Alternatively this can be addressed by reducing costs by 13% which will reduce costs by $15,000 © Copyright One Sherpa Pty Ltd 2010
- 25. PROBLEM #5 $15,000 decrease Costs © Copyright One Sherpa Pty Ltd 2010
- 26. Checkout your own information now. © Copyright One Sherpa Pty Ltd 2010
- 27. Using the sandbox you can ‘play with the numbers’ to make sure you are making sustainable profits © Copyright One Sherpa Pty Ltd 2010
- 28. Go to www.oneminutebusinesscheckup.com and make sure you avoid choking the life out of your business © Copyright One Sherpa Pty Ltd 2010