Over the past 12 months in the office, there have been many excited discussions about flowers, bridesmaid dresses and bonbonnieres (more than I care to mention!) but finally on the weekend we were privileged to attend Jesika’s wedding and watch her wed the wonderful Aaron. We are extremely excited to watch them continue their journey together; now as husband and wife.
Many months of careful planning and preparation went into what was a truly wonderful day and all of that hard work and effort did not go to waste as every single detail came together to create the perfect day for this amazing couple.
While Jes enjoys some time with her new husband, we are in the midst of tax planning appointments in the office and the most common question I am asked is “Do I need to do it?” My answer is always going to be – YES, if you want to. Tax planning is the process where we identify the expected tax liability due on the likely profit of the individuals and/or businesses. We estimate:
- who has to pay
- how much they have to pay and
- when they have to pay
Then we determine strategies that may assist you in legitimately minimizing or deferring the above three points. This puts you in control of your tax position and arms you with decision making tools because you are aware of how the business has performed to date, what the likely cash flow consequence is for the future and this will assist with budgeting for the same.
Trustees of trusts (both directors of corporate trustees and individual trustees) really need to undertake tax planning to assist them in determining which beneficiaries they will make presently entitled (distribute the income to) prior to June 30th.
Tax Planning is also suitable for individual clients, particularly for the current financial year as there are new opportunities due to legislative changes that took effect from July 1st, 2017.
We recommend contacting the office on 07 5576 0011 if you wish to make an appointment for tax planning as appointments are becoming more difficult to book from a timeliness viewpoint.