Tax Planning

Tax Planning is not the same as tax compliance (ie tax returns). Most accountants start and finish with compliance – completing your return. Now this needs to be done, but Tax Planning gives you far more value (bang for your buck).

It is very easy to pay too much tax. The ATO is not going to complain (or even notice).

Now you’re not going to know how much better your tax position can be, until the planning is done. However in our experience, the cost of tax planning has a pay-back of around 10 times, on average.

Another benefit of Tax Planning is cash flow forecasting your tax payments (when required) so you can plan accurately and eliminate surprises.

Be aware that this planning needs to occur before the end of the financial year because certain critical actions need to be taken. In fact it gets worse, there are penalties if certain things aren’t done before the end of the financial year (30 June for most entities).

Hi Dan

I just want to thank you for your above and beyond efforts in this year’s tax planning and implementation.

To extract value out of the sunk cost in XYZ Pty Ltd, turn a $50k tax deficit into a $8k refund and all but extinguish our Div 7A loans at a time when the benefit of having the kids as beneficiaries of the family trust is coming to an end was a wonderful and very pleasing outcome.

Forgiving the loan to XYZ Pty Ltd was a master stroke in a year when it was going to be most valuable.

Brilliant outcome so thanks so much.

Cheers, Nick

Clients of ours receive a detailed letter outlining the process usually around April/May. Some options are provided so you can choose the package that suits you best and you will know the likely cost involved.

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