{"id":780,"date":"2021-11-01T01:26:43","date_gmt":"2021-11-01T01:26:43","guid":{"rendered":"http:\/\/www.trakaccountants.com.au\/blog\/?p=780"},"modified":"2021-11-23T04:43:22","modified_gmt":"2021-11-23T04:43:22","slug":"are-you-paying-too-much-tax","status":"publish","type":"post","link":"https:\/\/www.trakaccountants.com.au\/blog\/are-you-paying-too-much-tax\/","title":{"rendered":"Are you paying too much tax?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Paying tax is an inevitable part of doing business.<\/strong><\/h2>\n\n\n\n<p>The more your income grows, the more tax you\u2019re liable to pay. You\u2019re rewarded for your success with a bigger tax bill.<\/p>\n\n\n\n<p>While we don\u2019t want our clients to avoid paying tax or evade the tax department. We do want our clients to only pay the amount of tax they\u2019re legally liable for.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2021\/11\/Are-you-sick-of-paying-too-much-tax-1.jpg\" alt=\"\" class=\"wp-image-782\" width=\"372\" height=\"135\" srcset=\"https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2021\/11\/Are-you-sick-of-paying-too-much-tax-1.jpg 372w, https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2021\/11\/Are-you-sick-of-paying-too-much-tax-1-300x109.jpg 300w\" sizes=\"auto, (max-width: 372px) 85vw, 372px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Many business owners don\u2019t understand the tax deductions and other benefits available to them.<\/strong><\/h2>\n\n\n\n<p>We want to help you arrange your financial affairs to you can minimise your tax and pay only what you should. Tax legislation is constantly changing. Our team are up to date with any changes and understands how changes can affect our clients.<\/p>\n\n\n\n<p>Changes to your personal circumstances can also affect how much tax you need to pay. There could be a better way to structure your affairs, so you pay less tax.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Some examples of areas where you could save tax include:<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Vehicle ownership<\/li><li>Home office expenses<\/li><li>Entertainment<\/li><li>Employee benefits<\/li><li>Loan refinancing<\/li><li>Family income allocation<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2021\/11\/im-services-1.jpg\" alt=\"\" class=\"wp-image-784\" width=\"443\" height=\"187\" srcset=\"https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2021\/11\/im-services-1.jpg 590w, https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2021\/11\/im-services-1-300x127.jpg 300w\" sizes=\"auto, (max-width: 443px) 85vw, 443px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>We can assess your tax situation.<\/strong><\/h2>\n\n\n\n<p>We can review your financial reports and identifying potential tax saving opportunities in your business to determine the most appropriate tax structure for your circumstances. We can also advise on the financial implications of your current and planned arrangements.<\/p>\n\n\n\n<p>We won\u2019t just make recommendations; we\u2019ll ensure you understand your tax obligations and give you peace of mind that you\u2019re compliant with all tax legislation.<\/p>\n\n\n\n<p>Knowing exactly how much tax you\u2019ll have to pay means you can set aside the right amount of money on a regular basis, so you\u2019re prepared for the bill and won\u2019t incur penalties or interest.<\/p>\n\n\n\n<p><em>\u201cThe only thing that hurts more than paying an income tax is not having to pay an income tax.\u201d<\/em>&nbsp;&#8211; Thomas Dewar<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/www.trakaccountants.com.au\/blog\/landing-page\" data-type=\"URL\" data-id=\"https:\/\/www.trakaccountants.com.au\/blog\/landing-page\" target=\"_blank\" rel=\"noreferrer noopener\">If you need any help regarding the above topic, please contact us.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Feel like too much of your hard earned income is spent on tax? While tax is inevitable, we can review your financial affairs and ensure you\u2019re paying only what you need to while remaining compliant. <\/p>\n","protected":false},"author":2,"featured_media":785,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cybocfi_hide_featured_image":"yes","spay_email":"","footnotes":""},"categories":[24,33,11],"tags":[136,115],"class_list":["post-780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-small-business","category-tax-deduction","category-tax-planning","tag-loan-refinancing","tag-tax"],"jetpack_featured_media_url":"https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2021\/11\/TRAK_Article_Cover-Photo.png","_links":{"self":[{"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/posts\/780","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/comments?post=780"}],"version-history":[{"count":2,"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/posts\/780\/revisions"}],"predecessor-version":[{"id":810,"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/posts\/780\/revisions\/810"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/media\/785"}],"wp:attachment":[{"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/media?parent=780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/categories?post=780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/tags?post=780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}