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20th April 2012
By Kelvin Tyler, BMO Partner
The key to minimising your tax is to start planning early, because once 1 July comes around it’s often too late. Some would say that the horse has already bolted.
A tax update is the ultimate solution. A tax update is a tax planning process that BMO begins with our clients around April each year.
Firstly we look at your figures from the first three quarters of the financial year, then we work with you to prepare a monthly estimate of income and expenses for April, May and June. From here we project your taxable income and estimate what your tax bill is likely to be.
Then comes the fun part. (Yes, accountants have a warped sense of humour, we think tax planning is fun). We look at strategies that we can use, within the tax office rules, to reduce your tax liability and we give you a clear action plan on what you need to do before 30 June.
Here are five tips for effective tax planning.
No business is too small or too large to benefit from tax planning – so book your tax update appointment at BMO today.
Information in this article is general in nature and readers are advised to seek advice specific to their circumstances.
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