Strategic taxation planning is all about making the best possible choice after considering all of your available options.
Your taxation strategies could be orientated towards solving an immediate problem or, as is often the case, position your personal affairs towards long-term taxation efficiencies. Abbotts have the experience and professional experience necessary to identify all of the options available in managing your taxation affairs, and then putting forward strategic plans capable of achieving the best possible tax efficiencies.
Some of the specific considerations around strategic taxation planning include:
- Business Structures
- Superannuation and Retirement
- Sale of Assets
- Foreign Taxation Issues
- Legal Implications
Choosing your business structure is an important decision because this will determine the foundation for asset protection, the amount of tax you are liable to pay, the costs of running a business, and your ability to maximise profits. To decide which business structure is the best for your business can be confusing as there are advantages and disadvantages to consider for each type, including maintaining the various compliance and reporting requirements.
Sometimes the structure you started out with will no longer suit your plans. You may be needing to upsize or downsize, introduce or remove business partners, position yourself for different markets, or simply need to respond to a changing legal landscape. Restructuring can be complex and expensive and if not done correctly there can be unintended taxation outcomes. Abbotts can provide comprehensive advice and assist you with restructuring your business in the most tax efficient manner to suit your needs.
Superannuation and Retirement
Superannuation forms an integral part of Australia’s national savings strategy and has done so for decades. It is a complex mix of economic and social objectives and there are many opportunities to gain taxation benefits from this diverse legal regime.
One of the fastest growing sectors within the superannuation industry is the ability to manage your own superannuation and retirement plans. Rather than leaving it to a multinational institution to rummage through your pockets, you are able to take charge of your investments yourself and still access significant taxation benefits.
Abbotts provide strategic planning advice in regard to the superannuation industry, your SMSF and the general retirement planning process, to ensure you can take full advantage of the taxation relief that may be available to you.
Sale of Assets
The manner in which you approach an asset sale and its timing can have a material impact on the tax and other costs associated with disposing of assets. We can guide you through the strategic options you have for the management of the taxations outcomes from an asset sale.
Foreign Taxation Issues
Abbotts has managed the taxation affairs of Australians working overseas and foreign nationals working and living in Australia for decades. From the deep interior of Africa, to the America’s, Asia and Europe, we have looked after the strategic and compliance tax issues associated with Australian sourced income and assets of our clients since the pre internet days of old. These days it is so much easier to communicate with our far flung clients, but the complexity of their taxation needs continues to escalate as the reach of the international taxation authorities becomes ever wider. Ignoring the complexities or getting it wrong can put a lifetime of wealth accumulation at risk.
We understand those risks and we provide the strategies that deliver you the peace of mind that your tax and financial affairs are in order despite the tyrannies of distance.
Sometimes the taxation issues are too large to deal with simply, or the disputes and arguments can only be resolved in a courtroom, or a safe harbour of a complex private taxation ruling is sought.
Abbotts has excellent relationships with highly specialised legal firms that can guide you through the legal maze of taxation risks and disputes. We can provide introductions or instructions to help you deal with complex legal tax matters.
Partner, Abbotts Chartered Accountants
Chris has been a part of the Abbotts Team since 1987 and has worked in the accounting profession since 1983. He qualified as a Chartered Accountant in 1991 and was appointed as a Partner in Abbotts Chartered Accountants that year.
Contact Abbotts today to learn about our taxation services
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