If you own a company or are the person responsible for the taxation of a company, then you need to pay attention to tax planning, which is needed by all companies that are taxpayers. Tax planning is an important thing that companies need to do because, for companies, taxes are costs or burdens that will reduce their net income. By doing tax planning with the help of professional tax planning Noosa service, companies can stay away from the risk of tax non-compliance which will minimize unexpected tax debt. Tax planning is an effort to reduce or minimize the tax burden that must be paid to the state so that the tax paid does not exceed the actual amount.
One of the practices in tax management is carried out by still complying with applicable tax regulations, aka legal. Legal here means that tax savings are made by taking advantage of things that are not regulated by law (loopholes) so that there is no violation of the constitution or the applicable taxation law. Tax planning is an effort for taxpayers to get tax savings through systematic tax avoidance procedures by the provisions of the Taxation Law.
Tax planning is carried out, among others, for minimizing company expenses for paying taxes so that costs incurred are more efficient. Take into account and prepare tax payments by applicable regulations so that there are no sanctions or fines that exacerbate tax spending. Not to avoid paying taxes but to regulate that taxes paid are not more than the amount they should have. It does not violate the applicable tax regulations. If it does, it will create a risk for the taxpayer, which will make tax planning fail because it has the potential to result in fines or other tax sanctions. Do not falsify supporting evidence or other data required to pay taxes. It makes business sense because otherwise tax planning will undermine planning itself.