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).
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.
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.
Mark has helped us immensely to understand our financial position, these guys are not just tax agents, they fully understand all aspects of business.
Daniel and his team at Tactica Partners have been taking care of me, my family and my company's accounting needs and I highly recommend him and the team. They've made getting tax done so easy and Daniel is an amazing accountant and extremely thorough and helpful.
…very professional, well prepared and organised. They have given us great business and personal tax advice, offered us good business insights, and more general personal planning advice too.
They continually deliver on all aspects of their service offering. …..we appreciate the substantial assistance they have provided in managing our bookkeeping function and providing proactive tax and accounting advice. We value their ongoing input in helping us strive for continual improvement on our reporting processes and delivery of timely information to our US office.
At last! An accountant who has "not" had a totally successful charisma bypass operation! Sensible and knowledgeable advice. Excellent!
Mark H and Helen have given us wonderful support for our family and business accounting for several years now. When I got my first invoice I grumbled……. not now. We can see the savings and feel the security for ourselves.