In my experience, mining and resources business owners and executives who begin tax planning at the start of the financial year rather than leaving it to the very end, not only minimise their tax obligation but enjoy a raft of business benefits. Among them a more profitable and financially organised business.
This year’s Federal Budget was all a bit dull really. There wasn’t a lot in it that we didn’t already know about, but for those in the mining and resources sectors there were at least five gems that provide worthwhile tax concessions and incentives.
Years ago, Bill (not his real name) diligently sought his local accountant’s advice when setting up a business that would provide services to the mining and resources sector. A simple company structure was established with Bill as the sole shareholder. Fast forward to now, and it became clear the business had well and truly outgrown…
This family-owned business was restructured to remove significant complexity, create substantial tax savings and free up cash that could be used to expand the business operations overseas.