For running your business in a legal way, you need to pay income tax during the year. Your other expenses and liabilities are deducted from your income.
However, you are required to pay income tax only on your net profit for the year. In spite of that, you surely want to save tax and increase the company tax returns. Here are some helpful tips for that.
Allocating funds to trusts and companies:
You can distribute funds to Trusts and companies which help you to minimise your tax payments. Ask your tax consultant to review your options about it.
Clear your bad Debts:
If you are not getting that money back then it is good to write these off as a bad debt earlier to maximize your business tax return.
Review your business structure:
Whether you are working as proprietor, partnership, in a trust or company, it’s good to review your present business structure and check that it is still appropriate for your current situation.
Visit http://www.keramitsisco.com.au to know more.
Allocating funds to trusts and companies:
You can distribute funds to Trusts and companies which help you to minimise your tax payments. Ask your tax consultant to review your options about it.
Clear your bad Debts:
If you are not getting that money back then it is good to write these off as a bad debt earlier to maximize your business tax return.
Review your business structure:
Whether you are working as proprietor, partnership, in a trust or company, it’s good to review your present business structure and check that it is still appropriate for your current situation.
Visit http://www.keramitsisco.com.au to know more.
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