Timely tax advice pays off

RW Aland & Co understands that there are many legitimate ways to reduce your tax bill and ensure you don't pay more tax than you have to.

Company principal Michael Harth says careful tax planning, business structuring and knowing how to claim the right expenses can all result in considerable savings.

"A lot of people are unsure of what to claim and how to claim it. Common questions are 'What income do I need to include in my return?', 'What expenses can I claim?' and 'What evidence do I need?'

"Depending on the taxpayer's circumstances there are a number of expenses that can be claimed against their taxable income.

"But often, when clients do their own tax returns, key deductible items are missed which could have saved them money.

"They also run the risk of over claiming on expenses so getting the right accountancy advice could avoid potential penalties."

The firm's skilled accountants offer client-specific advice on tax minimisation including simple measures and checklists that clients can work from.

Michael says structuring the business to take best advantage of tax legislation is another key strategy in managing a client's taxation affairs.

"If you're in business, it's important to structure the business so that it is tax effective.

"The choice of how best to structure it - either as a family trust, company or partnership for example - should be decided in line with the type of business you're in.

"If your business has higher risks of litigation then separating personal and commercial assets becomes an important priority."

RW Aland & Co in conjunction with your solicitor is able to advise on ways to secure the highest level of asset protection and how to best manage issues of succession.

In addition to tax returns, the firm provides a wide range of tax services including:

•  Tax planning advice and estimates

•  GST and PAYG compliance (BAS and IAS)

•  Fringe Benefits Tax and compliance

•  Business registrations including ABN, Work Cover, Workplace Health and Safety, as well as business name registrations.

"It's all about finding the best possible financial outcome for each client," Michael said.