As the old saying goes, nothing is certain but death and taxes! Whilst these events cannot be avoided the financial impact of your demise and certainly how much tax you pay until your death, can be managed and minimised.
Our experience in assisting clients for over 20 years has revealed that most business owners, self-employed professionals and high net worth individuals voluntarily pay too much tax. It may appear to be a preposterous claim but it is a fact. We challenge you to investigate your own affairs. If you are a business owner or a self-employed professional and in the top tier earning bracket then you are paying too much tax.
The Income Tax Act is riddled with many nuggets on how to best structure your personal and business affairs to minimise the taxes that you need to pay resulting in savings of up to 17% on income earned or 20% in dividends tax. In the event that you seek to minimise taxation on your earnings, dividends, or if you intend to sell your business it is critical that you timeously implement structures to achieve tax efficiencies.