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Tuesday, 08 May 2018 09:30 Written by

2018 Tax Planning Sessions

 

As saying goes, there are only two things in life that are certain – death and taxes.  While you can’t avoid paying taxes, you can make use of tax planning strategies to reduce the amount that you do pay. 

The most effective tax planning strategy starts with seeking professional advice.  As we rapidly approach 30 June, now is the time to take advantage of opportunities to reduce or defer your tax liability.  Through our tax planning sessions, Marsh & Partners are able to help you be as tax-efficient as possible whilst remaining compliant with the latest legislation. 

 

What can you expect from a tax planning session?

1.  We estimate your 2018 taxable income position and resulting tax liability based on year-to-date figures plus estimates of expected income and expenses. This includes all wages income, interest, dividends, rental income, business profits/losses, and any capital gain or losses you expect to make.

2.  We discuss all of your tax planning options with consideration to both your short and long-term needs. Tax planning discussions typically include:

  • how to maximise current year deductions
  • optimising Trust distributions
  • deferring and planning tax payments
  • determining the optimum mix of salary, dividends and superannuation contributions
  • assessment of personal superannuation contributions to ensure you are within limits and the benefits of further contributions
  • a review of your Division 7A loan position (if applicable) and resulting tax consequences.
  • consideration of other tax minimisation strategies such as pre-paying expenses, maximising rental property deductions and depreciation.
  • a review of your superannuation fund position (if applicable) to determine if any action is required as a result of changes to superannuation legislation.
  • a review of your Capital Gains Tax position (if applicable).

3.  We provide you with a Tax Plan that explains the strategies we recommend and exactly how much each strategy will save you in tax.

4.  We provide you with an Action Plan to ensure that everything that needs to be actioned is completed before 30 June.

 

Booking a tax planning meeting

Our advisors conduct tax planning sessions from April to June.  The earlier this occurs the better, as you’ll have more time to take advantage of strategies and organise your cash flow around any tax liabilities.

To organise a meeting to work through your year-end tax planning, contact your regular Marsh & Partners advisor.

 

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