As the end of June approaches, at C.T. Harris and Company we are hard at work doing tax planning for our clients. During the tax planning process, we review their financials to date for the year, make projections around income to the end of June, and provide recommendations about how they can best minimise and budget for tax obligations.

We believe this is vita as tax planning helps:

• Put business owners in the driver's seat
• Allow them to strategically time the purchase of major equipment and infrastructure
• Decide if it will be advantageous to make additional superannuation contributions before the end of the financial year
• Identify times of peak and low activity within the business, allowing staffing and operations to be made more efficient in the coming year
• Enable business owners to know what tax obligations are coming so they can budget for them

Over the coming posts, we will explain in more detail how tax planning works and how it can save you time and stress.