When an accountant talks about Tax Planning what do they actually mean? As part of our tax advisory service we always offer strategic tax advisory, but it's important to note there are a lot of things that accountants cannot implement after June 30. If you want the most strategic tax outcome, tax planning will give you insight on what you can do or action before June 30 to provide a better tax outcome.
We do Tax Planning as an ongoing process that minimises taxes, maximises tax credits and protects assets. We do tax planning strategies for our clients on an annual basis. We find tax savings that are at least double our fees in doing this work. It makes the investment decision in doing a tax plan easy.
With the 2023 Financial Year nearing its final quarter we encourage you to consider discussing a Tax Planning strategy with us.
New legislation before Parliament, if enacted, will make zero or low emission vehicles FBT-free. We explore who can access the concession and how.
Why should you lodge an FBT return where no FBT is payable? Well, for the simple reason that it turns on a three-year deadline for the ATO to commence audit activities. This is a NEW ATO rule as a result of massive deficits due to COVID. The ATO need to gain more funds somehow...FBT liability is one of the methods.
On 31 March, the Fringe Benefits Tax (FBT) year ends. With the ever increasing budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount. Who needs to lodge a FBT return? Find out here.