Services
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:
Individuals
- 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
