As Benjamin Franklin rightly said:
“In this world nothing can be said to be certain, except death and taxes”
Here are some of the 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. Prepaying your taxes can help you to get more deduction in the case of the Cash System of Accounting.
2. Paying your payroll liabilities before the 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 that 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 the Income-tax Act.