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Tax Planning Process

Tax Planning is not the same as tax compliance. With tax compliance your accountant tries to maximise your refund or savings by claiming valid deductions that you have evidence for. Tax planning however is an advanced service that investigates what legal strategies you could implement to make structured savings and the required action/steps that are necessary to make those tax savings happen.

This can produce very significant savings in the range of $2,700 - $100,000 pa. Well beyond anything that can be achieved by only lodging a tax return.

From the steps below you will see tax planning is quite different to getting a tax return done.

Steps Details

Step 1 - Information Gathering

For effective tax planning, essential client information is collected. The group members (i.e. all the individuals and entities that make up your overall structure. Your group members’ current year income and expenses and your group members’ assets and liabilities.

Step 2 - Selecting tax strategies

This is a two-part process. Firstly, your unique circumstances (identified through step 1) are considered in conjunction with the unique attributes of each available tax strategy. We use a tax strategies database with over 250 strategies. Then secondly, we use our experience, knowledge, and expertise to select up to 10 optimal tax strategies for you.

Step 3 - Tax savings report

Special tax planning software is then used to produce a report that details the tax savings generated from implementing the selected tax strategies, and the step-by-step process to legally and effectively implement each strategy (including the cost).

Step 4 - Client discussion and implementation

We then discuss the tax savings report and implementation process with you so you fully understand the options. We can then also implement the strategies for you if you choose to proceed.
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