Are you paying too much tax? Tax Planning can help you pay less tax, the key is to start planning early. In Australia we calculate and pay tax yearly, for example the last year FY2018 is 1/07/2017-30/06/2018. We as Accountants are preparing tax returns for clients for this period at the moment (I am writing this in November 2018) at this stage there is very little we can do about a clients FY2018 tax bill as the year is over….(other than doing their work thoroughly and accurately)
If we had done some tax planning During the year we could have looked at strategies to save tax like;
- Contributing extra tax to super
- Investing money into business for example by buying new plant and equipment
- Distributing income to your family
- Setting up new business structures to help take advantage of lower tax rates
- Investing in a tax effective way to build wealth and save tax at the same time
If you feel you are paying too much tax now is the time to act if you want to save tax on your 2019 tax return. Don’t leave it till after June 30! Our fee for a standard consultation is only $135 + GST and generally we can cover tax planning for you in one meeting. Occasionally we make need two or three meetings and obviously if we need to set up special structures like Companies or Trusts there will be costs for that work.