Tax Planning is different from Tax Compliance. With Tax Compliance, when you see your Accountant at the end of the year, they try to maximize your Tax Refund (or reduce tax payable) by claiming valid deductions while ensuring ATO compliance obligations are met. Compliance is a reactive service. Conversely, Tax Planning is an advanced service that goes over and above compliance and investigates what strategies can be implemented to make structured tax savings while ensuring your financial goals are on track. Tax Planning is a proactive service.

It's simple - All taxpayers can benefit from tax planning and the savings that can be created. According to research by Tax Fitness, 95% of taxpayers can legally reduce the amount of tax they pay.

According to Tax Fitness, approximately 50% of Australian taxpayers use legal tax planning strategies to minimize their tax with the most popular strategies being negative gearing of residential properties (2.1 million taxpayers), and salary sacrificing super contributions (4 million taxpayers). While negative gearing and additional super contribution are applicable to most people, a more significant benefit can be achieved by customized strategies suitable for individual circumstances.

In our first meeting (free of charge), we discuss your financial position, objectives & time frame and how we can help achieve your goals. This step includes the potential strategies, action to be completed by you and completed by us, fees, due dates etc. 

Our focus is on cost/benefit analysis. Implementing a strategy should always yield more benefit than the cost involved. Our service package is customized for different levels of service provided. 

The critical aspects of our Tax Planning service include:

• Proactive gathering of information from your records year to date
• Discussing key assumptions to be made in forward projecting
• Outlining current changes to tax law applicable to your group
• Proactively capitalizing on tax concessions available
• Maximizing opportunities to minimize tax possible under the law
• Assisting you to implement appropriate strategies

Our Tax Planning package includes:

• A summary of your forecasted position for current financial year for each entity in your corporate group – business entities, investment entities, self managed super fund and personal tax positions
• Optimal tax strategies available to you
• Changes as a result of the budget that affect you / beneficial strategies available to you
• A tax planner schedule – dates and amounts of the tax payments we expect you will have for the forthcoming 12 months, for budgeting purposes
• A written report of the above so you can refer back to it, know what is available and incorporate your tax costs into your cash flow budget accordingly
• A 1-hour meeting to discuss the above and any other pertinent matters as the year comes to a close.

For effective tax planning, essential client information required:

• The group members (i.e. all the individuals and entities that make up the client’s overall structure)
• Group members’ current year income and expenses
• Group members’ assets and liabilities