Tax planning is the process of organising your tax affairs as far as legally or commercially possible, so that your taxation liability is minimised.
Tax planning is not limited to complex, high risk or sophisticated arrangements. Taxpayers contemplating even the most ordinary transactions should give proper consideration to the tax implications of these transactions. This will ensure that they do not suffer adverse tax consequences. Commonly, people can be unaware of CGT implications, or uncertain as to what constitutes income, or personal expenses or forget to keep legally required records.
Moreover, all taxpayers need to ensure that tax arrangements and schemes are within the law so as to not attract the promoter penalty regime or the anti-avoidance provisions and accompanying penalties.
This is where Jane L Noller and Co. can assist in giving you the most up-to-date taxation advice so you can navigate between minimizing your obligations and staying within the legal frameworks created by the legislation. Book an appointment today!