Revised rules require fresh tax and accounting advice, but blame is often directed at tax professionals. Accountants have emerged from the pandemic into a blizzard of changes and keeping clients up to date risks a backlash over tighter compliance rules and increased fees.
Accountants and tax professionals are facing huge changes, which must be communicated and passed onto their clients. As a sector, we've
worked hard during the pandemic to maintain businesses and keep them afloat, we're now in a position whereby we need to hand down the firm
tax changes onto clients.
Some of the most common changes include:
As a firm, we are always maintaining our internal level of training and legislation information so that we can confidently advise our clients with the most accurate and up-to-date rules. As tax professionals, it's our duty of care to our clients to explain any changes that will affect you. Sometimes this means the advice you may have been given 6 months ago may no longer be valid.
We’re in this limbo-land between draft ruling and final ruling where things might change – at times this places us in an incredibly
difficult position whereby our advice to our clients may change.
Just announced this week, draft legislation and explanatory materials with 15 DAY Consultation period!! Enough to give you a headache! These are NOT BETTER FOR YOU. It proposes an alternative to restructuring that would allow existing discretionary trusts to avoid the 30% minimum tax by fixing beneficiaries’ entitlements to income and capital, an apparently simple election with potentially significant long-term consequences.
As income grows, it's easy for spending to grow with it. This article explores practical strategies to help you make the most of your strongest earning years and build greater financial freedom for the future.
