Don’t just file your tax, plan your tax!

For a number of years now we have been offering our customers a pre-year-end tax planning meeting full of cutting edge tax saving strategies, and these are becoming increasingly popular. Popular because the tax saved can be used to pay down debt, have a family holiday, increase retirement savings or buy that new car!

Having worked in the profession for over 30 years, I can remember how customers would come in for a meeting once a year to go through their annual accounts and tax returns.  In many cases, this was more of a ‘signing off’ meeting usually held more than 6 months after the year end, and it was rarely proactive since, to coin a phrase, ‘the horse had already bolted’!

Fast forward to today and annual signing off meetings are fast and becoming a distant memory, as we now work hard to help our customers to save tax, and this is best achieved by forward planning.

Technology, in particular, cloud accounting with our favourite software – the world’s best and market leading Xero.

So what happens a Ceebeks Tax Planning Meeting?

Firstly, we are always looking for an edge with the latest technology and investment in any app or tool that helps us do this, so at our tax planning meetings, you are likely to see mind-blowing technology that most other accounting firms don’t have.

We typically meet after the third quarter BAS results are reconciled and finalised usually about 10 weeks before your financial year-end and use these interim figures for the current year-to-date, plus (with input from our customers) project likely profits for the year, while also estimating personal tax bills based on your salary and dividends from the company.

Generally, the tax bills are not due until 9 months after the end of the financial year – but we can extend this out to the final due date for lodgement in May if need be.

The first key benefit of the pre-year-end tax planning meeting is to give plenty of advance warning of expected tax liabilities – there is just no shock factor!

This is far better than finding out your tax bill after the end of the financial year when nothing can be done about it or after the returns are done and just before it’s due – don’t you think?

However, the main benefit of the meeting is that we can discuss ways to reduce your tax bills.

In some cases, it might be possible to put more money into your superannuation or perhaps buy new equipment, both of which would need to happen before the year end to attract a tax saving in that year.

It’s also a great opportunity to check whether any other strategies can be implemented such as setting up a new business structure to not only provide protection for your hard earned assets but also to help spread the profit amongst family members.

Furthermore, a check of salary and dividend income for the year-to-date helps to plan ahead for personal tax liabilities.

In many cases, something as simple as declaring bonus salary in the correct way can defer income until the next financial year.

Finally, it is a great opportunity to see how your business is performing, against previous years and any targets you may have set.

While there is a tax focus to the meeting, it is a great chance to discuss the business more generally, and any issues you might be facing.

As credit and authorised representatives ,we can also cover off on any lending strategy or financial planning advice such as superannuation, wills, and estate or life insurance.

To arrange a pre-year-end tax planning meeting with me please contact our office on 5561 2643 or reach out by email here:

It makes far more sense to look through the front windscreen of your business whilst driving it towards your future rather than looking at the rear-vision mirror focusing on where you’ve been.

So if your accountant is not doing this for you, arrange a meet up and let us have a ‘look under the hood’ of your business today.

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