In the lead-up to 30 June 2017, we want you to be prepared and understand the Secrets to Tax Planning.
There are 5 key things to consider right now. Some of them are brilliant wealth creation ideas.
30 June will be here before we know it. Let us help you get the most out of the upcoming months.
Too often, we end up suffering because we have procrastinated and not made a positive decision to do something. If your tax planning is left until the end of May and early June, quite frankly there may not be enough time to do anything significant to legally reduce your tax.
So, for 2017, our invitation to you is to start now with your tax planning.
5 Key Tax Planning Strategies
Over the coming weeks, we will send you emails covering one of our five key tax planning strategies. These are:
- The Secrets to Tax Planning
- Last Chance for big super contributions
- Why use a “bucket” company?
- Why use a SMSF?
- Trust Distribution Resolutions before 30 June
So, keep an eye out for our emails, and we’ll outline in detail for you how to save $ and at the same time grow your family’s wealth in a low-risk manner. (See below to join our mailing list via the KHT newsletter)
How our tax planning service works
1. First, we request from you details of your expected income and business profits for the 2017 tax year (1 July 2016 to 30 June 2017). This includes all:
- wages / employment income
- interest, dividends and rental income received
- business profits / losses; and
- any capital gains / losses you expect to make.
Based on this information, we estimate your taxable income and your tax payable before any tax planning strategies. For example, we may calculate (based on your information) that you have a taxable income of $100,000 for 2017. This would result in $26,832 tax and Medicare levy payable.
2. Secondly, we discuss all your tax planning options. Some of these may be things to do in your business, and some of these may be investment / wealth creation options.
3. Third, we provide you with a report that explains in plain English the tax planning strategies we recommend and exactly how much tax you will save.
4. And finally, we provide you with an easy-to-follow action plan to ensure that both you and we can do everything that needs to be actioned before 30 June.
Contact us today to get started!
Don’t wait until June, now is the time to have a chat.
Spending more time with your family. Picking up a brand new hobby. Exploring exotic destinations for longer than your scant weeks of annual leave would allow. However you paint it, retirement is a beautiful goal to work towards. And starting early means you’ve got more time and energy to enjoy it.
Early retirement has become a popular financial goal for Aussies from a wide variety of different backgrounds and circumstances. A 2016 global survey found that out of 17 countries surveyed, Australia has the one of the highest proportion of people wanting to retire early. In fact, 75% of Aussies aged 45+ wanted to retire within the next five years – as much as fifteen years before pension age.i
Unfortunately, most cannot afford it. There’s a big disconnect between those who want to retire early, and those whose finances will allow them to stop work.
Changes to the pension assets test that came into force on January 1 have resulted in some retirees losing some, or all, of their pension entitlements.
The big question now is whether the tighter assets test will encourage people to change the way they plan and behave in the years leading up to retirement to qualify for the age pension.
Human nature being what it is, people tend to worry more about a financial loss than they do about missing out on a potential financial gain. This is a common decision-making error described by behavioural experts in prospect theory.i When you apply this fear of loss to the tightening of the pension assets test, there is a danger that people could become so worried about losing even a few dollars of age pension that they make knee-jerk financial decisions that leave them worse off in the long run.
Major changes to tax and superannuation were approved by the Government in early December 2016.
These are the biggest changes in the last 10 years. They are significant.
Most of these changes will take place on 1 July 2017.
It’s wise to start planning ASAP.
There are a number strategies available to help you. Here are 3 key actions for you right now...
Most businesses are built by default – not by design.
Very few businesses start ‘with the end in mind’ and design it from the ground up. Most businesses grow by default with people, systems, culture, clients, numbers, habits and attitudes.
If you take a good hard look at your business today, is it exactly what you want it to be?
If you are motivated you can make changes. But you have to be motivated.
We would suggest that you focus on five key areas of business design.
As you go through the list here are some quotes to help you expand your thinking.
The best accountants add value to your business – here’s how to make sure your accountant is ticking all the boxes.
Here is the second instalment of tips on getting the most from your accountant while managing the cost of their service. These are important issues to address. Your accountant can make a huge contribution to your business and personal financial growth.
The best accountants add value to your business, all for an affordable cost that you can control.
Growing businesses rapidly find they need the services of an accountant in order to help them manage the finances of their business. But which services do you actually need, how should you pay for them, and how do you make sure you’re getting good value for money?