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Tax Planning

Put simply, Tax Planning is analysing the best way to plan your business structure. This is 鈥榖ig picture鈥 research looking at the best possible ways to set up your entire business operation.

For example, it鈥檚 often in your best interest to separate your assets from your business risks, obviously so your assets remain safe and secure no matter what happens to your business enterprise.

Also, different business structures have various implications on your income. If you put the correct business structure in place at the start of your venture, it will inevitably save you a lot of money in the future.

An example of this is a business shop premises that is paying company tax at a rate of 30%, but who has the option of paying only 15% tax on a Super Fund. In this instance, the best tax structure would be to have a company that owns the premises (paying 30% tax), but also have a Super Fund paying rental income on the shopfront (taxed at the lower 15% rate).

At Chiu Consulting we take your personal situation into consideration, looking at your family circumstances, your personality, and we make enquiries about your desired lifestyle. All of this information helps to inform us about the best ways to structure your business for you. An example of this is keeping things very simple and limiting risks for a conservative type of person.

As your business grows, we may find down the track that a different tax structure would be more suitable for you. Be aware though, each time you change your tax structure there are inherent transaction costs in the form of capital gains tax and stamp duties. So, let鈥檚 be sure to get your structure right the first time.

Do not sign for the purchase of a real estate property or a new business until you see us! Don鈥檛 just see a lawyer, because the tax elements of the transaction may not have been considered.

At Chiu Consulting we are specialists at business structures, and we have a special place in our hearts for Trust structures. This is an important area a lot of tax accountants are less experienced at dealing with.

Chiu Consulting鈥檚 tax 鈥榮ecret鈥 is how we place ourselves 鈥榠n your shoes鈥. You may be able to get Tax Planning advice elsewhere, but we offer the best tax advice suited to your unique and individual needs.