Preparation of Individual, Company, Trusts, Partnerships & Self-Managed Superannuation Tax Returns

At Foresight we do not just prepare tax returns. We continuously look for ways to improve your tax efficiency. Here are some of our suggestions:

  • Your industry can claim certain items you haven’t provided. We will make you aware of these and advise you on what evidence is required.
  • You may need to salary sacrifice for superannuation and/or motor vehicles etc.
  • You may be in a position whereby purchasing property is the best way to reduce your individual taxes.
  • You may be contracting out your services and be able to qualify as a business allowing you to increase your deductions and income split.
Company, Trusts & Partnerships

There is an abundance of ways to improve your tax efficiency. We cover a lot of these in our free reports, video feeds and seminars.

Some ‘not-so-obvious’ ways are as follows:

  • Reviewing your business structure each year to ensure you are operating one that is the most suitable
  • Contributing some assets you own in your name to the business since these are predominantly used by your company
  • Ensuring that directors loans are always kept in a position where your company owes you money
  • Ensuring you draw the correct amount of wages, directors fees and / or dividends
  • Do a stock take as your stock levels may be a lot less than you think
  • Choose the correct method of accounting being either “Cash”or “Accrual Method”
  • Account for staff entitlement liabilities
  • Set up your own self-managed superannuation fund and start contributing at the highest allowable rate that your cash flow permits
  • Give to a charity or start up your own