Optimise it
At New Wealth, we offer a deep technical knowledge within a full range of taxation solutions including:
We provide expert and timely advice in relation to income tax; individuals, companies, trusts – discretionary and unit trusts and partnerships; FBT; GST; SMSFs; land tax; workers compensation; and high net wealth tax advice.
Taxation represents one of the largest expenses and complexities to business. Therefore, we will partner with you to understand, plan and manage your tax obligations effectively. Moreover, will also help to substantially reduce costs and ensure you are aware of your future tax position and the necessary cash flow requirements.
Tax Planning
Our tax planning programme at New Wealth includes a minimum of two scheduled meetings per year – firstly to plan your tax and secondly to present the final results.
Tax planning typically occurs in the April to June quarter with nine months trading results available and a full year profit forecast. We prepare a proforma taxation estimate for each client under the programme and present a strategy to take advantage of legitimate tax minimisation opportunities. For example:
- principals’ superannuation contributions;
- consideration of income deferrals and expenditure prepayments opportunities;
- planning of trust beneficiary income distributions to lower income family individuals or entities;
- planning of capital transactions to facilitate matching of capital gains and losses; and
- reviewing the group structure to check for potential beneficial changes prior to the end of financial year.
Our programme is designed to optimise your taxation position to ensure you do not lose hard earned revenue after year end and diminish your wealth.
Business Structuring
Fundamental to any business are the decisions made in relation to legal structure on acquisition or establishment to determine the taxation outcomes that flow thereafter. In summary, they include sole proprietor; partnership; company; and unit or discretionary trust.
Many small to medium businesses are structured as a combination of these entities to achieve the desired outcomes. A poor legal structure could have an extraordinarily negative impact on a business and frequently requires expensive and disruptive remedial works. This can be avoided with expert advice at inception.
When acquiring or starting a business, the key taxation criteria to be considered to ensure the optimal outcome is achieved include:
- taxation and flexibility of profit distributions;
- minimising the legal risks including asset protection;
- employment and superannuation arrangements for the principals;
- ease of entry and exit of equity participants; and
- outcomes on sale of the business, critically, access to the small business capital gains tax concessions.
Compliance
Our tax specialists will manage the preparation of your business group tax returns within an agreed timeframe in conjunction with effective tax planning. Our comprehensive documentation process ensures that we properly meet your obligations, which has a significantly positive impact on your business.
Our proactive solutions include:
- application of Simplified Tax System (STS) incentives;
- maximising depreciation allowances for plant and equipment;
- management of loan accounts in companies and unpaid trust distributions;
- maximising tax deductibility of borrowings including tax effective refinancing; and
- payment arrangement plans and managing existing debt with the Australian Taxation Office.