Tax Planning Session

What is required to carry out a tax planning meeting

• Software is reconciled

• All assets and liabilities have been recorded

• Ensure Creditors information – ATO, credit cards, business loans and suppliers are accurate

• Identify any new or additional investment or expenses are required in the business and quantify and pick a timeframe as to when the investment will be made

• Estimate the income for the following months to 30 June 

• Identify any major expenses due in the months leading up to 30 June

• Summary of personal taxable income and expenses for that financial year

Tax planning is a session with an accountant that happens before tax time.

It helps you prepare for tax time to make sure you get the best possible outcome for your business.

Who is it for?

• Estimate the profit of your business for the year

• Estimate the taxable income of shareholders / directors / principals

• Estimate the amount of income tax payable for this year, and the amounts and timing of tax instalments for next year

• Determine the optimum mix of gross salary (and corresponding PAYG withholding) and superannuation contributions to be paid this year

•  Consideration of income tax planning initiatives and strategies that may be undertaken to minimise income tax for the year

•  Considering making a big business decision like employing more team, renting an office space, buying a business vehicle or office space

• Identify any problematic issues that the business is facing which may require us to work through with you later as a separate engagement

When is the best time to book a tax planning session?

Generally for tax strategies anytime between April to early June or before making any major growth or business investment decisions.