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Reducing your tax liabilities by effective Tax Planning

As Benjamin Franklin rightly said:

“In this world nothing can be said to be certain, except death and taxes”

Here are some of tips which can help you to PLAN your taxes, however you can never AVOID them.This tips can help you in deferring your tax liabilities to future periods:

1. Pre paying your taxes can help you to get more deduction in case of Cash System of Accounting.

2. Paying your payroll liabilities before end of your tax period.

3. Paying Dividends.

4. If you have a discretionary trust in Australia you should distribute your trust income in order to get tax benefits.

5. Writing off unused and obsolete inventory.

6. Writing off Bad debts which are no longer receivable.

7. Availing permissible deductions under tax laws. For this you need to ensure with your tax accountant that you are availing all required deductions available under Income tax Act.