Income Tax Planning, Preparation & Minimisation

Income Tax Planning, Preparation & Minimisation

You have the right to minimise tax legitimately. However, adhering to the letter of the law is challenging. Requirements vary by region, but you must comply or face penalties, interest, and taxes you didn’t expect to pay.

 

The chartered accountants and tax professionals at dnm group partner with you to discover the most efficient ways to reduce your taxes. Tax planning includes exploring methods to defer income and to reveal concessions, discounts, and deductions.

 

Tax planning is an important component of wealth creation. Every dollar you do not pay in taxes can contribute to your net worth. As wealth grows, tax complexity increases so in-depth tax knowledge becomes increasingly important.

 

Important tax considerations during the planning process include offsetting losses against gains, maximising allowable deductions, scheduling payments properly to limit your tax burden, and making retirement contributions in the most advantageous manner.

 

dnm group also explores ways to access income at a lower tax rate, whether salary sacrificing benefits you and if you qualify for a superannuation rebate. If you’re transitioning to your retirement income streams, you may be able to receive pension income while working.

 

We also provide expert advice on self-managed superannuation funds and we’re members of the SMSF Professional Association of Australia. Accurate, current tax information and careful planning means you pay less tax and increase wealth. A professional tax accounting professions also defends your position if the ATO challenges your return.