For many, paying tax evokes feelings of disempowerment, negativity and anger – and when you run your own business, it can be down-right crippling. You’ve worked hard, suffered through long hours and now, the government wants to reach into your bank account and take what’s rightfully yours (or so it seems). You’re powerless to stop it – but you must protect your livelihood – what do you do?
In our experience, business owners with tax bills fall into one of three tax types: the ‘averters’ – dodging calls from the ATO, they refuse to to open government letters and delete important emails; the ‘compliers’ – they pay whatever is put in front of them, but wonder begrudgingly how their mate paid less; and the ‘innovators’, who seek advice to aggressively minimise tax and focus their energies on growing their business – increasing profit and reducing stress. So here’s the hard question – which one are you?
While dodging and weaving might sound attractive (and perhaps even feel empowering – how naughty of you), it rarely works. More often than not, it puts you on the ATO’s radar and squarely in the firing line for an audit. This type of behaviour will attract penalties and fines, and let’s face it, reduce your enjoyment of life. After all, who wants to be at their son’s soccer game, on a family holiday or out shopping with friends – wondering if the unknown calls received last night were from the tax man? Our advice: skip the cloak and dagger and mitigate the damage. Minimise your tax, and grow your business in other ways – ways in which the government can never interfere with. Want some quick-win strategies? Contact Start Grow Run today. The first 15-minutes are on us, because we don’t like paying tax either.
