cygnusaccountants

Tax planning includes the analysis of a financial situation or planned transactions from a (direct or indirect) tax perspective. The purpose of tax planning is normally to ensure tax efficiency and compliance, so that all the elements in a transaction are working together in a tax efficient manner, reducing the overall tax liability and ensuring that every action taken is compliant with the relevant rules and policies under which the transaction is conducted. International Tax Planning: - Transactions of a cross-border nature are at risk of attracting double taxation, which may make such transactions less efficient and can sometimes limit cross-border trade and other activities. Tax planning helps in estimating how much tax a company will have to pay. This is done by making estimations and comparing it to the previous year’s data. For a business, regular tax planning and paying of tax will help save them from complexities of the legal authorities of the government. Thus, a b

Tax Planning can be understood as the activity undertaken by the assessee to reduce the tax liability by making optimum use of all permissible allowances, deductions, concessions, exemptions, rebates, exclusions and so forth, available under the statute. ·          Short range tax planning :  Short range tax planning refers to year to year planning to achieve some specific or limited objective. ·          Long range planning :  Long range planning involves entering into activities, which may not pay off immediately, e.g. transfer of assets without consideration to minor child. The income will be clubbed to transferor upto the child in minor but afterward, this will be an income of child. ·          Permissive tax planning :  Permissive tax planning is a planning for tax under the express provisions of tax laws. Indian tax laws offer many exemptions, rebates, deductions and incentives. ·          Purposive tax planning :  This planning is based on the measures which circumv

Tax planning allows a taxpayer to make the best use of the various tax exemptions, deductions and benefits to minimize their tax liability over a financial year. Tax planning is a legal way of reducing income tax liabilities; however caution has to be maintained to ensure that the taxpayer is not intentionally indulging in tax evasion or tax avoidance. Importance of Tax Planning :- ·          Assessee can avail the benefit of relief, deductions, and rebate upto the date of submission of return. ·          Tax planning enables companies to make proper expenses planning, capital budgeting planning, and sales promotion planning etc. to reduce the tax planning specially during inflation. ·          An organization always requires repairs, renewals, modernization and replacement of plants and machineries for continuous growth and to fight with competition. Any decisions of these kind would involve huge capital expenditure, in which is financed generally by ploughing back

Various small and medium companies consider hiring a professional bookkeeping or accounting outsourcing service provider. With effective and successful outsourcing, many companies and individuals are now able to handle their business accounting activities more efficiently and getting time to focus on certain more important tasks which you used to ignoring earlier. It has made their lives little easier. Hence, often it is considered a great time management strategy. How Does It Work? When you outsource your accounting work, meaning you simply take it off your hands. You pay someone to do the business tasks for you so that you can use that time for some other more important things. In multi-national companies outsourcing mean hiring a different company to perform your business. Sometimes it can mean letting a different group within the same company take over part of a project. Outsourcing Properly The intention works behind outsourcing the accounting task is saving time and mo

Financial reporting is a regular record of the financial activities of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form easy to understand, including related notes. Objectives of Financials Reporting: ·          Financial Reporting allows users to make and evaluate decisions about allocating scarce resources. ·          Financial Reporting is relevant to assessing performance, financial position, financing and investment. ·          Financial Reporting is relevant and reliable. ·          Financial Reporting facilitates comparability. ·          Financial Reporting is easily understandable. ·          Accounting standards should facilitate the Australian economy by reducing the cost of capital and enabling Australian entities to compete effectively overseas. If you are looking to Outsource Financial Reporting in Australia , then visit our website cygnusaccountants.com.au or write an email us sal

Book keeping is the recording, on a day-to-day basis, of the financial transactions and information pertaining to a business. Purpose of Book Keeping : ·          Book keeping ensures that records of the individual financial transactions are correct, up-to-date and comprehensive. Accuracy is therefore vital to the process. ·          Book keeping provides the information from which accounts are prepared. It is a distinct process that occurs within the broader scope of accounting. ·          Bookkeeping  is responsible for the recording of financial transactions. ·          Bookkeeping can become your best system for managing your financial assets and testing your business strategies. ·          Bookkeeping is usually performed by a bookkeeper. A bookkeeper is a person who records the day-to-day financial transactions of a business.  If you are looking for Outsourced Book keeping . Then visit our website cygnusaccountants.com.au or write an email us sales@cygnusaccoun