Too often, we end up suffering because we have procrastinated and not made a positive decision to do something. If you leave your tax planning until the end of May and early June, quite frankly there may not be enough time to do anything significant to legally reduce your tax.

With tax laws changing consistently and technology improving how the ATO understands your business, it’s time you take ownership of your tax activity. Proactive tax planning allows you to assess your current situation, expenses, and goals, and introduce effective tax minimization strategies to improve your final position.

A great accountant can keep you up-to-date with the law so you can get ahead when it comes to keeping the most amount possible from the money you’ve earned, and not pay a cent more than you need to.

We’d love to work with you on winning at this game – we know the rules and referees very well!

What is Tax Planning?

Tax planning is where an accountant sits down with you before the end of the financial year and analyses your financial situation. They then explore available strategies to legally reduce your tax and ensure tax efficiency.

Unfortunately, many accountants are reactive with your tax return and fail to provide a proactive tax planning process. Meaning, you end up paying more tax than your fair share.

Do you really want to pay more than you need to?

Your tax strategy should always form part of an overall medium to long-term plan. If your tax isn’t done right, it can cost you many sleepless nights wondering if the tax man is going to ring your door bell with his brief case and forensic kit to find your smoking gun.

But – we can help.

How our tax planning service works:

1. We request details of your expected income and business profits for the tax year.This includes all wages/employment income, interest, dividends, and rental income received, business profits/losses; and any capital gains/losses you expect to make.Based on this information, we estimate your taxable income and your tax payable before any tax planning strategies.For example, we may calculate (based on your information) that you have a taxable income of $100,000 for the financial year. This would result in $26,632 tax and Medicare levy payable.
2. We discuss all your tax planning options. Some of these may be things to do in your business, and some of these may be investment/wealth creation options.
3. We provide you with a report that explains in plain English the tax planning strategies we recommend and exactly how much tax you will save.
4. We provide you with an easy-to-follow action plan to ensure that we all can do everything that needs to be actioned before 30 June.

Ready for a Cinch approach to your tax planning that will save you $?