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“Taxpayer is not expected to arrange his affairs in such a manner to pay a maximum tax “
So, the payee is to manage the businesses or investments in such a manner, so that the tax is minimised. Now the question arises as to what method the payee should choose to do so? Well, there are four major methods of tax planning and these are:
There is no doubt about the fact that tax planning is a very significant and vital part of financial planning, whether personal or professional. If tax planning is effective, the entire financial plan falls in place in the best possible manner. This further helps in the proper route of taxable income to varied investment ventures, thereby, dismissing the tax liability of a person. Moreover, the share of investment post-lock-in will be beneficial and can also be used as the retirement corpus in some of the cases. To be precise, the main aim of tax planning is to minimise tax obligation and acquire financial steadiness.
There is no denying the fact that you must be aware of and have a wide knowledge regarding some of the major concepts before starting off with any of your assignments. TLAW605 Business and Personal Tax Planning Assessment is no exception! So, to write a perfect answer to TLAW605 Business and Personal Tax Planning Assessment, you must know some of the most significant topics that come under the subject. Therefore, you have to make sure that you know each of these concepts to write a perfect taxation answer. Below I have mentioned a few, take note:
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