Why undertake periodic McKinley Plowman tax reviews?
The reality for most business owners, even experienced company directors, is that generally they don’t possess a strong enough tax background to ensure they’re fully abreast of all tax considerations relevant to their situation.
Put simply, the Australian income tax framework is extremely complex and ever changing.
By undertaking a McKinley Plowman Tax Review, you’ll be taking a proactive approach to considering and implementing effective risk management, and identifying and maximizing new opportunities for your business.
When should you consider a McKinley Plowman tax review?
Depending on the size and nature of your business, the answer is regularly. Tax legislation is constantly evolving and this could mean an increased compliance risk in your particular industry. On the other hand, government policy may be able to stimulate certain sectors of the economy by providing attractive tax incentives.
An MP+ Tax Review will discover if you are at risk, if your business tax affairs are not fully compliant. We will also assess if your personal assets are at risk as a result.
More often than not, we discover that many individual or business affairs are not structured in such a way to fully capitalise on current tax concessions or incentives. We then make the necessary changes in a very cost effective manner.
Other major factors to consider undertaking a McKinley Plowman review are when you are:
- Thinking of expanding your business, taking on a new partner/s or embarking upon a new venture.
- Thinking about scaling back operations, selling your business or even transitioning it to the next generation.
- Merely considering a ‘one-off’ type transaction
What’s the McKinley Plowman process?
Early communication really is the key. We’ll get to know your current position and understand your objectives.
If appropriate, we’ll prepare a written report detailing our findings and recommendations. This may lead to a review of your structure, suggesting alternate ways to better effect a particular transaction or simply provide you with some certainty around expected tax outcomes.
If you choose to implement our strategies, the process is super smooth and you’re on your way to a better way of doing business.
For a Tax Review – contact us here.