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Tax Return vs Tax Planning: What's the Difference?

NextStep Advisory Stand: B414
Tax Return vs Tax Planning: What's the Difference?

A tax return looks back. It records what happened last financial year, and by then most decisions affecting your tax have already been made.

Tax planning looks ahead. It happens before 30 June, while there's still time to act. It means asking:

  • What is my profit likely to be?

  • Should I bring forward or delay any expenses?

  • Is my business structure still right?

  • How much should I set aside for tax?

For small businesses, planning ahead means fewer surprises, better cash flow and more control.

Are you planning your tax, or just lodging it? Visit us at Stand B414 or call (02) 8530 0410.

 

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