Your accountant should be planning strategies to improve your business, tax and personal outcomes months in advance, not just doing your tax return.
Even if ‘you’re not their biggest client’ your accountant should be working proactively for you.
Tax savings are made through planning, not hoping. If you don’t have a handle on your tax (or business and personal) position, it’s likely you need a second opinion.
Tax planning is about looking forward, not backward
If your accountant only starts thinking about your tax in June – it’s likely you and your business are missing out.
Tax planning is not tax compliance. Tax planning is about proactively planning tax minimisation months in advance. It is about making the most of available strategies for better business and tax management for both your business and you personally. These strategies include:
- Managing the timing of major purchases
- Utilising available tax deductions and concessions
- Refinancing and managing non-deductible debt
- Planned utilisation of capital gains or losses
- Prepaying expenses
- Considering your personal superannuation contributions and SMSF opportunities
- Identifying effective ways for distributing income.
Getting a second opinion is not difficult
Don’t leave it too late – if you want improved business outcomes and to minimise your personal and business tax obligation, you should be considering your tax planning for the 2021-22 financial year NOW.
If you would like a second opinion, arrange a meeting with us. All we need is a basic understanding of your business, your 2019/20 tax return (or if there is a draft current year financial report available) and access to your Xero or accounting software.
You have nothing to lose, even if you decide to remain with your current accountant, you will most likely come away with fresh insights about how to improve your tax position or business effectiveness.
Don’t forget your personal finances
Generally speaking, accountants are not licensed, therefore not legally allowed to provide financial advice. As authorised representatives of GPS Wealth, we can provide financial advice for your personal circumstances, importantly in context of you being a business owner with overlapping personal and business financial matters to consider.
Our Financial Advice service includes developing strategies such as wealth accumulation, personal cashflow and debt management, asset protection, and superannuation and SMSF advice.
We believe our clients need a strong, supportive and ongoing relationship if they are to achieve the best possible financial, business and lifestyle outcomes. We are single minded in our goal to help our clients achieve business success and personal prosperity. It’s for this reason we created this document that outlines 15 reasons why business owners should get a second opinion. Please download it here.
Our collective experience includes specialised tax planning and management, accounting and business advice as well as strategies for personal financial planning. If you would like to discuss how proactive tax planning can move your business forward or if you could benefit from a second opinion, we encourage you to make an appointment. Contact us today on 03 9708 8801 or email firstname.lastname@example.org
General Advice Disclaimer: The information contained within this document is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Robinson Voss Partners (RV Partners) strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.