Tax Planning
You have the right to arrange your financial affairs to keep your tax to a minimum.
Everybody loves saving tax. Find out where you can save it.
LOWER INCOME TAX
UTILISE THE BEST INCENTIVES
INCREASE REFUNDS
WHAT IS TAX PLANNING
Tax planning is investigating your financial situation to ensure that all elements work together to allow you to pay the lowest amount of tax and become tax efficient.
What are the benefits of tax planning?
Enjoy substantial tax savings.
Don’t miss out on a deduction.
Feel in control and increase income.
Keep more money in your accounts.
Using the federal budget to benefit you.
TAX PLANNING AT ANY AGE
FREQUENTLY ASKED QUESTIONS ABOUT Tax PLANNING
-
Yes, tax planning is legal – as long as it adheres to the current Australian tax laws and regulations. A Financial Planner utilises legitimate strategies to identify potential deductions that can minimise your tax liability.
Avoiding paying tax by providing false or misleading information to reduce taxes owed, known as tax evasion is illegal. It is therefore important that you consult a qualified Financial Planner who can provide you with professional advice that helps you legally navigate the Australian tax system.
-
It’s ideal to look at your expected income, potential deductions and how you might implement tax-effective strategies at the start of each financial year. This gives you plenty of time to evaluate your financial situation, implement strategies, and make any necessary adjustments. Tax planning is an ongoing process and should be reviewed throughout the year as your circumstances change.
-
Tax deductions are a simple way to reduce your taxable income and lower your overall tax bill. Some common deductions include mortgage interest on investment properties, charitable donations, and business expenses. A Financial Planner can help identify additional deductions that you may not be aware of too, so you can keep track of these throughout the financial year.
-
Income generated from investments contribute to your overall taxable income and are taxed according to your income tax bracket. Tax-effective investments, such as voluntary contributions to your Superannuation or investing in insurance bonds, can potentially be taxed at a lower rate than your income tax bracket and therefore may provide a potentially effective way to grow our wealth over the long term. A Financial Planner can help assess whether tax-effective investments make sense for your income, tax liabilities and financial goals.
-
Yes, tax laws can change over time due to legislative updates or changes in government. Often there are changes to deductions or tax schemes made in every annual budget. These changes can impact your tax planning strategies, making it important to stay informed and flexible. What worked as a tax-saving strategy in one year might not be as effective in the next if tax laws have changed. A good Financial Planner will keep up-to-date on relevant tax laws that can benefit their clients, and advise on any changes that need to be made to your tax planning strategies.
What Our Clients Say About Working With Us
One short meeting could save you tax -
and Nobody wants to pay more tax Than you need to.
Whether you need tax planning for your salary, will and inheritance tax planning, or saving tax regarding your investments and superannuation. Talking with someone who understands what’s admissible and how to use it to your advantage is easy and could save you thousands.
