What is mobile tax planning?
In short, we come to you before the end of the financial year and conduct a planning session around paying the optimal amount of tax based on your current and projected financials. We sit down and discuss the way your business has performed this year and any strategies available to you to minimise your tax.
The ATO themselves state:
“You have the right to arrange your financial affairs to keep your tax to a minimum – this is often referred to as tax planning, or tax-effective investing.”
Yet surprisingly, ATO research shows that 95% of taxpayers are paying more tax than they are legally required too.
a tax planning session with Julia may cover topics such as:
- Taxable income clarification
- Tax structuring or restructuring
- Increasing deductions or rebates
- Debtors and Creditors
- GST provisions
- Bad debts.
- Negative gearing of properties
- Salary sacrificing super contributions
Tax Planning vs Tax Avoidance
At Swinstead Accounting, we ensure there is a clear distinction between tax planning and tax avoidance, which largely comes down to intent. Generally speaking, the more tax you are paying, the better you are doing financially. Tax planning involves organising your tax affairs in the most tax effective way as opposed to “bending” tax laws to achieve savings.
We make this distinction because using a disreputable or unlicensed tax agent, despite being offered amazing guarantees, could get you into more trouble. See this video from the ATO that outlines the scenario.
Tax Planning Costs
Do you feel like you’re paying too much? Perhaps you’re not sure about the advice from your current tax advisor? If so, you are not alone, business tax is complex and unfortunately gets more involved every year. We spend over 40 hours a year keeping on top of the changes in legislation and tax office rulings.
Tax planning is great business practice and is ideally scheduled as an annual event. In order to implement a strategy or course correction uncovered during the tax planning session, we recommend these take place no later than April or May before the end of financial year.
Tax planning sessions can result in tax savings that cover the cost of the session itself.
The Swinstead Approach
Julia has a reliable track record working with a diverse range of clients including FIFO workers, tradespeople, home based businesses, freelance businesses, personal service businesses, family trusts, companies, partnerships, not for profits and sole traders to mention a few.
Swinstead Accounting is fully insured and when working with Julia, you can expect honesty, reliability, punctuality and adherence to deadlines. You can also enjoy the flexibility that comes when working with a mobile accountant with an emphasis placed on consistent and clear communication.
- Qualified mobile CPA, best Master of Accounting at Curtin University
- Expert at major accounting packages including Xero, MYOB and QuickBooks
- Experienced in mobile tax planning for some great clients across Perth