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Why Year-End Tax Planning is Important, even for Individuals!

Tax Planning for Individuals
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If you could pay less tax this year what would you do with the extra money?

Would you use it to:

  • Reduce your home loan?
  • Top up your Superannuation fund?
  • Save for your dream holiday?
  • Buy a new car?
  • Build a deposit for an investment property?
  • Save for your child’s education?

Year-end tax planning season is just around the corner which means that it’s now time for us get the ball rolling and work with you to get your affairs in order before the 30th of June.

If you earn over $80,000, own an investment property or have a trust set up for your family, reviewing your current tax situation with your accountant can be really important.

For example: Do you know how much tax you’ve already paid for the year? And, do you know whether you’ll be receiving a tax refund or payable at year-end?

If you’re answer is “no idea”, then not only are you potentially doing yourself an injustice, but you’re actually choosing to fly blind.

 

 6 Ways Year-End Tax Planning Can Benefit Your Personal Situation

Sitting down with your accountant for a year-end planning meeting can help to:

  • Provide you with peace of mind
  • Ensure you’re not paying more tax then you need to
  • Prepare you ahead of time for any tax payable so you can plan for it
    • No more nasty surprises or the anxiety that comes with discovering you’re payable but have not set aside funds to cover it, leaving you scrambling for cash you may not have…
  • Reduce any stress or anxiety you may be feeling about end of financial year
  • Successfully plan and manage your finances
  • Increase your wealth over time by investing saved tax money elsewhere with a greater return on investment

 

To book your year-end tax planning appointment give us a call today on (03) 9762 7344.

 

When Should You Start Planning?

April and May are the best months for Tax Planning.

This time of year is perfect because:

  1. We have access to your figures for ¾ of the year so can forecast appropriately
  2. There’s still a few months left before EOFY giving us time to action any tax saving strategies to improve your tax position.

If you leave tax planning until the end of May/June or avoid it entirely, you leave us with little opportunity to help you. Once the year ends, you can’t go back.

We have a diverse client base and have seen the consequences of poor planning firsthand, where clients find themselves in a stressful financial situation upon discovering that they owe the ATO a large tax debt, yet have no funds available to cover it.

We don’t want that and neither do you.

 

Give us a call on (03) 9762 7344 to organise an appointment with your accountant today.

 

 Note: Before you come in for your appointment, we recommend reading the following Individuals Tax Planning Guide.  This will help to give you some insight in potential tax saving strategies we can look into during your appointment. Not all of them will apply to your personal situation, but having a basic understanding could prove invaluable during your appointment.

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