Tax planning is the process used by individuals and businesses to structure their affairs to legally reduce their tax liability and make savings. This is achieved by using deductions, exemptions and structures. It is not the same as tax return preparation and lodgement which is a basic and standard compliance service. Tax Planning is a sophisticated service with very significant savings achieved when it is delivered properly.
Ninety five percent of taxpayers can legally reduce the amount of tax they pay. Employees, investors and business owners can all cut their tax bills if:
We say ‘specialist advice’ because only 1% of industry accountants in public practice actually provide tax planning services and have the expertise to deliver the service. Don’t be misled by office signage, business cards or other advertising that make claims that an accountant provides tax planning because there’s a 99% chance they just think it’s a good idea to promote it, even though they don’t know what to do or even what it really involves.
Success Tax Professionals however have specialist tax planners and this is an area of high interest to us.