Tax planning is a crucial part of anyone’s overall financial plan and involves finding legal and appropriate methods to minimize an individual’s tax burden.
Effective tax planning ensures that every element of a financial plan works together in the most tax efficient way possible.
The reduction of tax liability offers an individual the opportunity to maximise contributions towards future financial goals, including retirement.
Tax planning can be categorised in the following ways:
Specific Tax Planning
Tax planning with a specific objective
Long-Term and/or Short-Term Tax Planning
Tax planning that is executed at the beginning and towards the end of the financial year
Permissive Tax Planning
Tax planning that falls under the framework of the law
Tax Planning Strategies
Tax planning is an ongoing process which incorporates many different strategies, including:
- Lowering an individual’s tax rate
- Avoiding common tax planning mistakes
- Reducing the amount of taxable income
- Controlling the time when tax must be paid
- Claiming any available tax credits
Because business owners are paying tax all year long, they should also always be focussing on tax planning.
Through tax planning, small businesses can ensure that more money is made available for investments, growth or expenses.
The same applies to private individuals who would like to maximise their current and future investments.
Olemera – Tax Planning and Financial Advisors in Johannesburg
Comprehensive tax planning falls under the scope of financial services offered by us.
As registered tax practitioners, we assist with the following:
- Personal income tax returns
- Provisional tax returns
- Personal SARS disputes, objections and appeals
Furthermore, through our affiliate network with various registered accountants, we also assist with the following:
- Company tax returns
- New company registrations
- VAT registrations
- Bookkeeping and accounting services
- SARS Audits
If you are a private individual or a business owner who is looking to incorporate efficient tax planning strategies into your overall financial plan, please feel free to contact us.