Our Capabilities
Tax Planning
We recommend you consider tax planning strategies when there are significant changes in personal or business circumstances, such as:
- Starting a new job or business
- Purchasing or selling a property
- Receiving a large inheritance or settlement
- Planning for retirement
- Starting a family
- Going through a divorce
- Planning for college education
- Receiving a large bonus or income increase
Key Tax Planning Components include:
- Assessment of current tax liability: This involves evaluating the current tax situation and calculating the amount of tax that will be due in the future.
- Review of financial transactions: Tax planning requires reviewing financial transactions such as investments, purchases, and sales to identify areas where taxes can be minimised.
- Tax deductions and credits: Identifying and taking advantage of all tax deductions and credits available to an individual or a business.
- Timing of income and expenses: Timing the recognition of income and expenses in a way that reduces the overall tax liability.
- Retirement planning: Tax planning involves developing a strategy for retirement savings that will provide the greatest tax benefits.
Benefits of Tax Planning include:
- Reduced tax liability: Tax planning can help individuals and businesses reduce their tax liability and increase their net income.
- Improved cash flow: By reducing taxes, individuals and businesses can improve their cash flow, which can be used for other purposes such as investments, debt repayment, or savings.
- Compliance with tax laws: Tax planning helps individuals and businesses comply with tax laws and regulations, avoiding penalties and fines for non-compliance.
- Peace of mind: Knowing that tax planning strategies have been implemented and taxes are being minimised can provide peace of mind to individuals and businesses.
- Better decision-making: Tax planning can help individuals and businesses make better financial decisions by considering the tax implications of those decisions.
- Asset protection: Tax planning can help protect assets from taxes and other financial risks, ensuring that individuals and businesses are able to retain more of their wealth.
Tax Advice
DomesticTax
Are you an Australian business needing assistance in managing your taxation compliance & reporting obligations?
Taxation can be a major cost to your business, so we take the approach of working with you to minimise your tax and help you achieve your key objectives.
As Chartered Tax Advisors, we can offer taxation advice based on proven knowledge and experience on many levels including Australian & International Taxation.
Some of the key areas in which we can assist businesses include:
- Goods & Services Tax (GST)
- Capital Gains Tax (CGT)
- Fuel Tax Credits (FTC)
- Fringe Benefits Tax (FBT)
- Wine Equalisation Tax (WET)
- Luxury Car Tax (LCT)
- Transactional Tax
- Payroll Tax
- Stamp Duty
- Land Tax
International Tax
Is your business looking to expand their operations overseas?
Are you an overseas business wanting to enter the Australian market?
We can help manage your businesses’ cross-border tax structuring & reporting obligations.
Some of the areas in which we can assist businesses include:
- Deal Advisory Tax
- Transfer Pricing
- International Tax Agreements
- Thin Capitalisation
- Foreign Exchange Gains & Losses
- Debt/Equity Rules
- Country-by-Country Reporting
- Diverted Profits Tax
- Foreign Account Tax Compliance
Crypto Tax
Crypto currency trading is increasing at an unprecedented level. In 2020, the global crypto market was valued at $1.49 billion with no stop in sight. It’s projected to reach $4.94 billion by 2030.
TheAustralian government does not consider bitcoin and other cryptocurrencies to be money or foreign currency. The ATO classifies crypto as a commodity for Capital Gains Tax (CGT) purposes, but it can also be treated as Income Tax. Your tax rate is determined by your‘ intentions and setup.’
CGTis not always relevant. If you are acquiring the cryptocurrency to trade it, you might be deemed to be running a business of trading cryptocurrency. In this case you will pay income tax on the business profits (which is usually less advantageous than CGT because the 50% CGT discount cannot apply).
