While the term “tax planning” is frequently used, it’s not necessarily well understood. Here’s what you need to know.

Tax planning is the art of arranging your financial affairs in ways that postpone or minimise taxes. By employing effective tax planning strategies, you can have more money to save and invest or, more money to spend. Or both. Your choice.

Tax planning helps you take advantage of beneficial tax-law provisions, increasing and accelerating tax deductions and tax credits, and generally making maximum use of all applicable tax breaks available under our beloved Australian Tax Laws.

While the income tax rules are now more complicated than ever, the benefits of good tax planning are arguably more valuable than ever before.

Of course, you shouldn’t change your financial behaviour solely to minimise taxes. Truly effective tax planning strategies are those that allow you to do what you want while reducing tax bills along the way.

Our team of financially-savvy accountants and CFO’s are your link to tax specialists in all the different, weird, and wonderful taxes levied by our government.

Your local Cinch Team Partner can always call on our specialist team to help you create a strategy that ensures you’re not missing a trick.

Here are some ways we can help you:

1. Using superannuation contributions in the most effective way.
2. Ensure the timing of receiving income matches how you are treating revenue in your accounts.
3. Maximize the use of government incentives.
4. Utilize carried forward income and capital losses effectively (so many people get this wrong).
5. Effective property strategy which doesn’t drain your cash.
6. Deferral of income where appropriate.
7. Assessment of fixed assets for maximum depreciation deductions.
8. Prepayment of deductible expenses.

Don’t want to pay more than your fair share?