Tax Planning

Tax planning is the analysis of one's financial situation from a tax efficiency point of view so as to plan one's finances in the most optimized manner. Tax planning allows a taxpayer to make the best use of the various tax exemptions, deductions and benefits to minimize their tax liability over a financial year.

What is Tax Planning?

Tax planning is the analysis of one’s financial situation from a tax efficiency point of view so as to plan one’s finances in the most optimized manner. Tax planning allows a taxpayer to make the best use of the various tax exemptions, deductions and benefits to minimize their tax liability over a financial year. Tax planning is a legal way of reducing income tax liabilities, however caution has to be maintained to ensure that the taxpayer isn’t knowingly indulging in tax evasion or tax avoidance.

Why Do You Need Tax Planning?
Maintain Living Standards

Save Tax

The main objective in tax planning is to reduce the amount of tax your business pays by maximising its deductibles.

Low on Price

More to Invest

By knowing your tax liabilities, you can reinvest funds that would otherwise have been earmarked for tax back into your business.

Rider Benefits

Strategies

Tax planning is a great opportunity to look at the options open to your business and fine-tune its strategies in all areas while we’re analysing its data carefully.

Tax Benefits

Start Early

The earlier in the financial year that you start, the more strategies that you can put in place to maximise the effects of your tax planning.

What are the documents required for Tax Planning?

• Last Year’s Form 16 & Form 26 AS

• Current year Annual Income Details

• Last drawn Pay Slip

• Investment Proof Declaration submitted to the employer (if any)

• Other Sources of Income (if any) – Supporting documents

• In case of Capital Gain, Purchase Deed, Sale Deed any other documents if available

Key factors to consider for Tax Planning:

Get a Head Start

For those businesses operating from a trust, tax planning provides a close estimate of the trust distribution minutes well ahead of time, saving you from needing to rush to make a decision.

Get Confident

Working through our process of tax planning allows business owners to increase their knowledge about compliance and how it works, learn strategies for minimising tax, and take a more hands-on role in the overall management of their business.

See the Big Picture

Tax planning provides some great insights into a business that allow its owners to assess the larger situation: whether the structure of the business needs to change; understand where operations are occurring; get a sense of the potential profit areas currently untapped or underexplored; find new investment options and decide how best to structure those investments.

Superannuation Optimisation

Tax planning offers a chance to look at your superannuation strategies and make them as effective as possible, with a range of options like salary sacrificing to super and self-managed super funds to consider.

Peace of Mind

Eliminate unnecessary stress and uncertainty by knowing just what your business’s tax liability will be and make business decisions from a firm, stable, factual base.

Utilise recent Budget changes

Any applicable federal Budget measures can be taken into consideration, as our agents have up-to-date tax knowledge. This ensures that your business can achieve the best possible tax outcome and that it does not miss out on any useful incentive schemes

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