Whether you’re an employee eyeing a new car or an employer striving to boost your team’s morale, understanding novated leases as a fringe benefit and the associated tax is crucial. Why? Because it can lead to significant financial advantages and benefits for both employees and employers. Let’s find out more about novated leases, calculating their…
Tax Strategies & Planning
At Pherrus Financial Services, we believe that it’s never too early to start planning your tax. Our qualified tax specialists are always ready and willing to assist you with your tax planning strategies. We offer free tax advice as well as tax consulting services year round, so that when tax time arrives you’ll have maximised your refunds and minimised your liabilities as much as possible – with much less effort. Pherrus tax specialists consistently deliver valuable tax planning advice as well as tax strategies that are effective and relevant to you or your business. We’ll carefully analyse your business’s current financial statements as well as your projected income for upcoming financial quarters and provide recommendations that will enable you to legally minimise the amount you are liable for. Further, our strategies will ensure you are in compliance with ATO requirements and therefore help minimise your risk of an ATO audit.
When should you start planning for taxes?
Tax planning is something you should never leave to the last minute, if possible. By planning for your taxes in advance, you can ensure you’re never caught short or left with costly bills or penalties for late or incorrect filing. Getting yourself organised to handle your finances little and often can save you plenty of stress down the line. Whether this is your first year filing your taxes or you have plenty of experience, the more preparation you put in, the easier your taxes will be.
Working with a qualified tax accountant is the ideal solution if you don’t have the organisation for regular financial planning or don’t have the time for in-depth tax preparation. Accountants work year-round to ensure their clients’ finances are in order, making the tax process as convenient and stress-free as possible for individuals and businesses.
How do you reduce taxable income?
If you’d like to reduce the amount of tax you owe in a year, one of the key ways to do so is by reducing the taxable income you bring in. There are a few ways to do this, but salary packaging is one of the methods many individuals use. Instead of being paid a full salary, part of your income is put towards benefits, such as superannuation or a car allowance, before they are taxed. Ensuring you claim every deduction available can also help lower your tax.
Beyond your earned income, you may also wish to make a charitable donation or invest in private health insurance to reduce what you owe. Finally, ensuring you are paying your taxes accurately can help save you money and reduce your taxable income – the more accurate you are, the less likely you are to be paying too much income tax.
How can you pay less tax in Australia?
If you feel you are paying too much tax or looking for legal strategies to reduce the tax you owe each year, the best thing you can do is work with a qualified tax accountant. A trained professional has extensive knowledge of the tax season, enabling you to save as much as possible on what you owe through insight and expertise. An accountant can guide you on what deductions you can make, what offsets you may be eligible for, and options for salary packaging to help bring your tax bill down.
If you feel you are paying too much tax or looking for legal strategies to reduce the tax you owe each year, the best thing you can do is work with a qualified tax accountant. A trained professional has extensive knowledge of the tax season, enabling you to save as much as possible on what you owe through insight and expertise. An accountant can guide you on what deductions you can make, what offsets you may be eligible for, and options for salary packaging to help bring your tax bill down.
Are there strategies to save on tax?
Strategies to save on tax don’t necessarily need to be shady or less than legal. With the proper support and expertise, there are plenty of methods you can use to save money on your taxes entirely legitimately. These practices help you reduce your costs while meeting all required responsibilities and obligations. One of the most common options for tax savings is reducing your income via salary sacrificing, where benefits are taken out of your pay before your income is taxed.
Other viable strategies that may apply include adding to your superannuation, delaying your income to the following tax year, or even prepaying your expenses for a set amount of time to give you a higher tax refund once tax season rolls around. Finding the right strategy requires the proper support, and working with a trained tax accountant can help ensure you’re taking advantage of every tax-saving strategy available to you.