How Can I Pay Less Tax? Crafting A Recipe for Tax Savings
I’m always asked, “How can I pay less tax?”
My answer? It’s all about preparation, precision, and personalisation - a three-part recipe for success.
1. Preparing the Ingredients (Data Integrity)
Start by gathering the freshest data from your financial and life records. Incorrect information could mean serving up extra taxes. Reliable, predictable data is key to making smarter decisions.
2. Keeping the Kitchen in Order (Risk Management)
Stay ahead by meeting all your reporting requirements and obligations. Last-minute scrambling can lead to unnecessary “donations.” Planning and having the right ownership structures in place will keep your tax bill in check.
3. Savouring the Rewards (Owner's Return)
Your hard work deserves reward. Tailor strategies that boost wealth and support your lifestyle. Paying tax now or later, thoughtful deferral ensures a better experience without lifestyle interruptions.
With smart strategies today, you build a legacy fit for generations.
By Queensland based Family Business Accredited Advisor
Carolyn Baker
Specialist Accountant
CJBA Advisory