KNS ACCOUNTANT
KNS ACCOUNTANT
Tax planning involves looking at your financial situation and making informed changes to reduce your tax burden.
For businesses, tax planning is an essential part of effective financial management. If you know how to take advantage of deductions and credits, and how to time your income and expenses carefully, you can (legally) lower your tax bill.
Unfortunately, we’ve found that too many business owners put off tax planning until it’s too late. They assume they will be able to sort out their affairs when the time comes, but planning ahead tax the stress out of tax time and ensures that you’ve left yourself enough to create a tax-effective strategy.
Our experienced team of accountants will work with you to identify opportunities for tax savings, and we will guide you on how to best take advantage of those opportunities. We also offer ongoing support throughout the year to help ensure that your tax planning remains on track.
Our goal is to help our clients reduce their tax liability as much as possible, and we are committed to providing the highest quality service possible.
Contact us today to discuss your tax planning and how we can help.
There are several different elements that we can include in your tax planning. From reviewing your business structure and accounting methods to taking advantage of small business tax deductions, these can all make a significant difference to your bottom line.
Review Your Business StructureOne of the first things you should do when undertaking tax planning is to review your business structure. Depending on the type of business you operate, there may be different structures that offer more favourable tax treatment. For example, sole traders and partnerships are usually taxed at personal income tax rates, while companies are taxed at corporate tax rates. | Time Your Income and ExpensesTax planning also involves carefully timing income and expenses. For example, if you know you’re getting paid for large invoice, you may choose to defer recognition of that income until the following financial year. The same with selling assets and deferring capital gains tax. Or if you know that you’ll incur significant tax-deductible expenses in the next financial year, it may choose to prepay them to claim the deduction. | Review Your Accounting MethodsThe accrual method allows you to deduct expenses as soon as they’re incurred, even if you haven’t yet paid for them. This can be helpful if you have a lot of expenses due at the end of the year. On the other hand, the cash method only allows you to deduct expenses when you actually pay them. This may be more advantageous if you have a lot of income that you receive at the end of the year. |
One of the most important aspects of tax planning is ensuring you take advantage of all available tax deductions.
In some cases, you may even be eligible for a tax credit, tax offset or refund. To claim a deduction, you must have incurred expenses relating to your business activity and you must have records to prove it.
Common deductible expenses include:
KNS Accountants can help you make the most of these deductions with proper tax planning. By taking the time to review your financial situation, cash flow and understand the deductions you’re entitled to, we can help you get the most out of your tax return and reduce your tax payable.
Get expert help with your deductions by calling us today.
Recently, the ATO has been cracking down on tax avoidance schemes involving complex transactions to distort the way individuals are using funds to avoid paying taxes.
The ATO has targeted these schemes through several new measures, including introducing general anti-avoidance provisions (GAAP). The purpose of these provisions is to prevent taxpayers from getting a tax advantage by deliberately structuring their affairs to pay less tax.
GAAP applies to both direct and indirect taxes, and can be used to challenge any arrangement that the ATO finds to be artificial or contrived.
The ATO has a wide range of powers to investigate suspected cases of tax avoidance and can impose heavy penalties on those who they find to have deliberately evaded their tax obligations. So, it’s essential to be careful when structuring your affairs and tax strategy to ensure you’re not unintentionally engaging in tax avoidance.
One of the best ways to do this is to get professional advice and hire an accountant who can help you with tax planning that doesn’t violate the GAAP provisions. This way, you’ll have peace of mind knowing that your business is compliant with all relevant laws and regulations.
KNS Accountants and Business Advisors are committed to helping our clients with their tax planning in a way that is both legal and effective. We have a team of experienced professionals who are well-versed in tax legislation, and who can guide you on how best to reduce your taxable income.
We also offer various additional services, including financial planning, business advisory, and bookkeeping to help you achieve your business goals.
Whether you’re an individual or a business, we can tailor our services to meet your specific needs. Contact us today to schedule a consultation.
At KNS Accountants, we understand that tax planning is essential to running a successful business. We also know that it can be a daunting task, particularly for small businesses and startups.
That’s why we offer a comprehensive range of tax planning services designed to suit your specific needs. Our experienced accountants will work with you to formulate a plan that minimises your tax exposure and maximises your chances of success.
We’ll also help you to stay on top of the latest changes to the tax legislation, so that you can be confident that your plan is up-to-date and well within the bounds of the law.
You can get started with a free initial consultation to help you determine if our team of accountants is the right fit for you. Schedule your appointment today.
Suite 102, 69 Holbeche Rd Arndell Park NSW 2148
KNS is a full-service accounting firm that has been providing quality tax planning and preparation services to businesses and individuals for years. We have a dedicated team who help our clients succeed and offer a wide range of services, including tax return preparation, ATO audit representation, and tax planning.
Our team of experienced accountants and tax professionals will work with you to develop a personalised plan that meets your unique needs.
(02) 9625 2388
info@knsaccountants.com.au
70 Campbell St Luddenham NSW 2745
Suite 102, 69 Holbeche Rd Arndell Park NSW 2148
Level 1, 6/571 Dean Street Albury NSW 2640
Liability limited by a scheme approved under Professional Standards Legislation
Riya is the newest addition to the KNS team and looks after bookkeeping and administration for us. She is currently completing her Bachelor of Professional Accounting degree from Macquarie University, and is aiming to pursue her career as a forensic accountant when she graduates.
She is also a certified Xero and Quickbooks advisor.
When Riya isn't studying or at work, you can find her binging on Netflix!
Simrani joined the KNS family in July 2020. She’s currently studying at Macquarie University and has aspirations to be a property tax specialist in the future!
With a passion for investing in property, shares and crypto, Simrani keeps up-to-date with the latest market trends. Simrani takes care of all bookkeeping, individual tax returns and is a certified Xero and Quickbooks advisor.
In her spare time, she loves organising events for the team like monthly drinks and weekends away
Abigail is a dedicated Accountant with a flair for baking and a deep love for her family. As a mother of one, she understands the importance of balancing work and personal life. In her professional role, Abigail goes above and beyond to assist her clients with efficiency and a personal touch, making sure to always exceed expectations.
With a true passion for accounting, Abigail excels in her field, particularly in areas such as payroll, superannuation obligations, and tax returns for individuals and businesses of all sizes. Clients trust Abigail not only for her expertise but also for her warm and approachable nature, making them feel at ease when discussing their financial matters with her.
When she's not crunching numbers, Abigail enjoys spending quality time with her loved ones, baking delicious treats, and creating joyful memories with her family. Her dedication to both her professional and personal life is a testament to her strong work ethic and caring nature.
As a seasoned professional providing top-tier accounting services and acting as a Chief Financial Officer for A-listed clients, Raj brings a unique blend of financial expertise and strategic leadership. With a relentless dedication to ensuring clients' financial success, He takes pride in keeping the financial affairs in pristine order while driving growth and profitability.
Beyond the boardroom, Raj's passion extends to the soccer and rugby fields, where he finds joy in the competitive spirit and teamwork these sports offer.
Whether strategising business plans or game-winning plays, his love for both fields shine through his commitment to excellence.
In the kitchen, Raj finds solace in cooking up delicious meals for his loved ones, embodying caring nature through the act of nourishing and bringing people together. This same caring nature extends to his professional life, where he strives to keep the team cohesive and motivated, believing that a united team is the key to achieving remarkable results.
When Raj is not assisting clients or leading the team to success, you can find his cherishing quality time with his family. Balancing work and personal life are essential to him, and he find that reconnecting with his loved ones fuels to drive and passion for what he does.
Krishan Sharma is a dedicated SMSF Auditor, renowned for his expertise and professionalism in the field.
As the proud recipient of the prestigious Institute of Public Accountants 2022 Member of the year award (New South Wales), Krishan as consistently demonstrated his commitment to excellence in accounting and SMSF auditing.
A registered tax agent and a registered practitioner with Chartered Accountants Australia and New Zealand, Krishan possesses a wealth of knowledge and experience that sets him apart in the industry. His meticulous attention to detail and deep understanding of financial regulations have earned him the respect of his peers and clients alike.
Beyond his professional achievements, Krishan in his personal life finds fulfillment in giving back to his community through volunteering with religious groups. He cherishes quality time spent with his family and children, finding joy in creating lasting memories together.
Krishan Sharma is not just a skilled accountant and SMSF auditor, but also a compassionate individual who strives to make a positive impact both professionally and personally.